Bulgaria has run into an excessive deficit, which could foil its plans to join the euro zone, Prime Minister Boyko Borisov said on Saturday.
Borisov was quoted by the BTA news agency as saying an extra deficit in excess of 1 billion euros had recently come to light as part of 150 contracts and annexes to contracts signed by the previous government in violation of the 2009 Budget Act.
He said unless these contracts, including the much hyped Belene Nuclear Power Plant project, were ruled unlawful Bulgaria would run into an excessive deficit and could then forget its dream of joining the euro zone.
The prime minister said the 1 billion euros was not included in the 2008-2009 budget and therefore Bulgaria was thought to have a balanced budget.
"This means that first of all, we must immediately go to Brussels and admit that we have deceived them," he said.
SOFIA, March 27 (RIA Novosti)