According to the new minister of economics, Bulgaria will sell its 79.8% stake in Bulgartabac Holding (57B BU) through an open auction by end of 2009. Investors will have to meet certain criteria in order to participate, although the details have not yet been revealed. Our view: The previous government had intended to sell Bulgartabac by the summer of 2009. However, the plan was postponed due to political wrangling among coalition partners. In our view, the new government will try to sell Bulgartabac as soon as possible in order to narrow Bulgaria’s dangerously wide budget deficit, which is threatening the macro stability of the country. The new finance minister has already announced that the Bulgarian government will use asset sales to help narrow the country’s deficit.