site.btaMedia Review: July 18

ARREST OF VARNA MAYOR

All Friday media outlets reported the news that, in the night between Thursday and Friday, the Sofia Appellate Court ruled to keep Varna Mayor Blagomir Kotsev, and Continue the Change municipal councillors Yordan Kateliev and Nikolay Stefanov, in custody on charges of corruption. In contrast, businessman Ivaylo Marinov was released on a recognizance note. The court found no direct connection between Marinov and the crimes the other three individuals are accused of, and determined that the risk of him committing a new offense was minimal.

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Speaking to Bulgarian National Radio (BNR) on Friday, Ina Lulcheva, attorney for Varna Mayor Blagomir Kotsev, who was left in custody by the Sofia Appellate Court on charges of corruption late on Thursday, said that the fight against crime should not be conducted through detention at any price. Lulcheva criticized the court for tolerating prosecutorial inaction in the case. “The court is supposed to exercise oversight of pre-trial proceedings. It cannot dictate who gets charged, but it must monitor how the prosecuting magistracy exercises its powers – so that the rights of the accused are not needlessly and excessively infringed,” she emphasized.

Lulcheva argued that the court’s decision to assign jurisdiction in the case stems from claims by an investigator from the Counter-Corruption Commission that an unnamed Member of Parliament is involved. She questioned why authorities continue to insist this person is “unknown,” if the assumption is that this may be MP Assen Vassilev.

“The prosecuting magistracy did nothing for nine months,” Lulcheva noted. “The case was opened in November, and suddenly on July 8 and 9 they spring into action. If they’re just now trying to find evidence of a crime, that raises serious questions. People should be arrested for something concrete and established – not in the hopes that something turns up later,” she explained.

Regarding the retracted testimony of a key witness, Dian Ivanov, Lulcheva said the prosecuting magistracy should have immediately summoned him again for questioning. “The court should not interpret his retraction as something prejudicial to the accused,” she said. “After all, the defendants cannot summon or conduct that questioning themselves,” she concluded.

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bTV also as an interview with Kotsev’s attorney Lulcheva. "The court accepted that there is no evidence Mayor Kotsev demanded a bribe, but perhaps he knew that others did. The court also found that, although the suspicion of a crime being committed is of very low intensity, it is still sufficient to justify the detention of Blagomir Kotsev. It is debatable to what extent someone can be held responsible merely for knowing that another person is committing a crime," she said. Regarding the retracted testimony of one of Dian Ivanov, Lulcheva noted that the prosecuting magistracy should have immediately summoned and questioned him again. She emphasized that the court should not have treated the withdrawal of his statement as something to be used against the defendants.

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Dnevnik.bg also covers Lulcheva’s interview with bTV.

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Capital.bg publishes in-depth article analyzing the arrest of Varna Mayor Blagomir Kotsev and the "battle for the city". The story, titled “The Battle for Varna: Who Governs the City and Who Wants to Take It Over”, sheds light on a supposed network of business dependencies, political pressure, and the systematic suppression of any attempt at change in Bulgaria’s seaside capital. Here's what Capital.bg reports: “Varna did not start sinking with the arrest of Mayor Blagomir Kotsev on July 8. On the contrary – the event unexpectedly brought to the surface the “anchors” that have been dragging the city down for years. Kotsev was a “white crow” – a politician with no past affiliations and, clearly, no ties to the entrenched system of governance that has ruled the city for the past 25 years. This made him a rallying point for much of the local business community, which had suffered under the political entanglements of former mayor Ivan Portnih (GERB) across his three terms in office. It was this coalition that brought Kotsev to power. However, just weeks into his term, Kotsev’s refusal to serve the interests of a new business bloc in the city council - the so-called “Citizens’ Alternative” – triggered a series of blatant attempts to “tame” him. Thus began the political war against Kotsev. What no one expected, however, was how far this conflict would go once external forces joined the fray. According to his sister, recent developments around Kotsev unfolded after he allegedly declined an offer to join Delyan Peevski’s New Beginning,” Capital.bg writes.

FINANCE

In Nova TV’s morning show, financial expert and former member of the Bulgarian National Bank’s Management Board Lyudmila Elkova, along with economist Petya Georgieva from the Institute for Market Economics, discussed the current economic challenges facing Bulgaria in the context of its upcoming entry into the Eurozone, the condition of the state budget, and long-term fiscal goals.

“Joining the Eurozone is not just a formality. It’s a matter of trust – trust in institutions, in decisions, and in the consistent policies the country must pursue,” emphasized Lyudmila Elkova. She pointed out that Bulgaria needs to demonstrate to international markets and partners a genuine commitment to sound fiscal policy. According to her, if the country fails to signal financial stability and discipline, the consequences could be severe: “We won’t have access to lower interest rates, we won’t be able to borrow cheaply, and this directly affects both businesses and households. The Eurozone is more than just a currency – it’s a framework of trust and responsibility.”

Economist Petya Georgieva drew attention to the budget structure and the inefficient use of public funds. “The problem is not that there is no money, the problem is that we spend inefficiently. We have excessive expenditures, poor impact assessments, and a lack of prioritization,” Georgieva said. She was clear that Bulgaria must seize the current economic environment as an opportunity to implement structural reforms. “We cannot afford to enter the Eurozone with budget gaps and an inflated bureaucracy. This undermines trust in our ability to comply with the rules of the club we want to join.”

Elkova further stressed that success depends on a comprehensive approach: “This is not a task for the Finance Ministry alone. It is a national priority requiring coordination across institutions. We need a stable parliament that supports fiscal discipline and a government ready to say ‘no’ to populist decisions.”

Petya Georgieva added that citizens play a crucial role in this process: “We must demand accountability – know where our money goes, how it is managed, and what the outcomes are. Without oversight and public pressure, sustainable change is difficult to achieve.”

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Speaking on Bulgarian National Television’s morning talk show, Vasil Golemanski, Chair of the Financial Supervision Commission (FSC), emphasized that the Bulgarian pension fund sector remains stable and well-regulated. “As far as pension funds are concerned, everything we observe, and the data confirms this, shows that the sector is currently calm and well-managed. The pension funds responsible for the second and third pillars of Bulgaria’s pension system, namely universal and voluntary pension schemes, are performing relatively well and managing their assets effectively,” Golemanski said.

He added that the FSC plays a crucial role in Bulgaria’s process of adopting the euro, particularly within the non-banking financial sector. While most supervised entities are well-prepared for the transition, Golemanski advised the public to remain cautious, especially when faced with suspicious financial offers. “As per the legislation adopted in preparation for the euro, all supervised companies are required, starting one month after the official decision to adopt the euro, i.e. from August 8, to display prices in both BGN and EUR. This obligation will remain in effect through the end of next year. Additionally, all values, such as pensions, insurance policies, and other financial assets, must be recalculated and published in euros automatically,” he explained.

The FSC reiterated its role as the competent authority responsible for overseeing the euro adoption process across the non-banking financial sector. “At the end of May, we conducted a survey among our supervised entities. Around 90% reported being fully prepared and stated that they foresee no issues with the transition,” Golemanski noted.

In terms of consumer protection, Golemanski reminded the public that individuals can submit complaints or report irregularities if they suspect any misconduct within the non-banking financial sector.

EDUCATION

In a BNR interview, Natalia Todorova, Investment Director at a private equity company and creator of a financial literacy platform for both children and adults, urged that the Bulgarian education system must become actively involved in developing financial literacy from an early age. “Financial education is largely neglected in schools,” Todorova noted. “But there’s growing pressure from employer organizations to change that.”

According to her, Bulgarian society has relatively low financial literacy, largely due to the lack of cultural traditions in building and managing personal wealth compared to Western countries. “We lack the generational habits of saving, investing, and growing assets,” she said. “But the world is moving fast, and we need to catch up quickly.”

Todorova explained that a person’s financial literacy is most visible in how they manage long-term household finances and personal wealth. “The idea behind building family wealth and accumulating assets is to create additional sources of income – an internal structure that can eventually make us more resilient to external shocks and dependencies,” she explained. “If you're living paycheck to paycheck, relying on one quick loan after another, and have no emergency savings, you're in a very vulnerable position,” Todorova also warned.

She emphasized that children learn from a very early age by observing their parents' behaviour as consumers and budget managers. That is why it is important for them to have positive role models at home. “The beginning of school age is the right time to start teaching children how to manage a personal budget. By the teenage years, they should already be introduced to basic concepts of entrepreneurship and investment.” Even traditional tools like the piggy bank still have their place, she added, as they teach the basics of saving, setting goals, and working toward them through small, consistent steps. However, the conversation is now shifting toward digital tools – even for children.

Todorova reiterated that financial literacy is especially crucial for people with low incomes. Financial knowledge, she concluded, is not just a skill – it is a foundation for personal security and long-term freedom.

SOFIA

The 24 Chasa daily has a lead interview with the mayor of Sofia’s Sredets borough, Traycho Traykov, who voices confusion over the delayed parking reform in the capital, saying that the introduction of a red paid parking zone and limits on corporate subscriptions are “good and necessary ideas”. He emphasized the urgent need to address parking shortages, noting that some investors are already considering building parking facilities instead of residential complexes due to high garage prices. He added that funding has been secured for the design of an underground parking lot beneath central General Gurko Street.

Traykov also proposed relocating the Monument to the Soviet Army to the Buzludzha Monument in the Balkan Mountains, arguing that the two sites would complement each other.

Addressing political dynamics, the borough mayor noted that recent tensions among Sofia’s borough mayors have helped consolidate the coalition with Continue the Change. He further revealed that the administration has compiled a list of possible new names for Graf Ignatiev Street but has not yet chosen a final proposal.

Traykov also called for a unified right-wing presidential candidacy (there will be presidential elections in Bulgaria in 2026), supported by all centre-right political forces.

CYBER FRAUD

The Trud tabloid daily has a lead interview with Senior Commissioner Vladimir Dimitrov, who warns that while technology continues to simplify daily life, it is also being exploited by criminals. He discusses the growing wave of cyber fraud spreading across the internet and explains how people can protect themselves from falling victim, whether through naivety or the temptation of easy profits.