In a just a few weeks time, Bulgaria revised its budget from balanced to a deficit of 3.8% of GDP. Sound familiar? It should. Dramatic revisions in budget deficits is what started the ball rolling in Greece. Inquiring minds note that the EU has launched a Greek-style budget fraud investigation in Bulgaria New Greek-style budgetary fraud is possibly looming in Europe, as the European Commission announced it was sending an exploratory mission to Bulgaria to assess the reliability of the …

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EU investigates Greek-style budget fraud in Bulgaria; EU’s Toothless-Dog Sanctions; Italian Bond Insurance Cost Hits Record; Austerity Hits Spain