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Bulgaria: President Vetos Foreign Investment Legislation Changes

Sofia, 11 December 1996 (RFE/RL) - Bulgaria's President Zheliu Zhelev today vetoed changes to legislation affecting foreign investment in the country, saying it is too restrictive.

Zhelev said in a letter to parliament, the adopted changes do not live up to the title of the legislation, which is supposed to encourage and protect foreign investment. He said parliament should show a better understanding for the need for foreign investment. He added foreign investment could help Bulgaria deal with its severe economic crisis.

The changes were passed in the socialist-dominated parliament last week. Parliament can overrule a presidential veto with a simple majority vote.