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Fitch revises Bulgaria's outlook to positive, affirms 'BBB' rating gary yim/Shutterstock.com SOFIA (Bulgaria), February 22 (SeeNews) - Fitch Ratings said that it has revised the outlook on Bulgaria's Long-Term Foreign-Currency Issuer Default Rating (IDR) to positive from stable and affirmed the IDR at 'BBB'. The change in Bulgaria's rating outlook reflects the improved GDP estimate for 2020 and the expected substantial funding for investment from the EU, which dissipates short-term downside risks tied to the coronavirus pandemic, the ratings agency said in a statement on Fri...

Markus K Brunnermeier, Sam Langfield, Marco Pagano, Ricardo Reis, Stijn Van Nieuwerburgh, Dimitri Vayanos A few days ago, the Eurogroup agreed to a reform of the European Stability Mechanism (ESM) and to accelerate the establishment of the ESM as backstop to the Single Resolution Fund. This is excellent news for Europe, as these reforms are essential to ensure a credible crisis management framework, particularly given the enormous economic impact of the Covid-19 pandemic and the likelihood of a banking crises once the unprecedented support measures are withdrawn.  But these measures are no...