Austerity Policies Toppled Bulgaria Cabinet, Roubini Says

Bulgaria was too strict with austerity as energy prices soared, angering voters and bringing down the Cabinet, said Nouriel Roubini, the New York University professor who predicted the 2008 global financial crisis.

“Fiscal austerity is valid and countries should have some fiscal policies,” Roubini said in an interview yesterday, before a conference in Sofia organized by Doverie, the biggest pension provider in Bulgaria. “Probably in Bulgaria austerity has been very front-loaded.”