Bulgaria's Long March Towards Meaningful Credit Contracts

Bruno Schonfelder

Post-Communist Economies, 2005, vol. 17, issue 2, 173-204

Abstract: This article is based on the hypothesis that the development of creditors' remedies and their actual practicability is a good yardstick for progress towards the rule of law. According to this measure Bulgaria achieved little progress throughout much of the 1990s, but this improved significantly after 1997. Legal reforms were only one among several factors driving this progress; among the others were macroeconomic stabilisation, privatisation, the disintegration of trade unions and the ultimate failure of attempts to keep most of the socialist giants alive. Only the recognition of this failure facilitated some crucial reforms; nevertheless these reforms have been too halfhearted to put creditors' rights on a secure footing. In actual fact debtors have remained a very well protected group.

Date: 2005
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DOI: 10.1080/14631370500104851

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