Krassimir Katev – Impact of Political Corruption on Bulgaria Governance.

image 268

Krassimir Katev is a Bulgarian financier, businessman, and former First Deputy Minister of Finance of the Republic of Bulgaria from 2001 to 2004 in the government of Simeon Saxe-Coburg-Gotha. Krassimir is married and has two children.

image 267

Krassimir Katev was born in Varna on October 11, 1968. Krassimir Katev graduated from Varna’s First English Language High School in 1987 with honors and he claims that he was a gold medalist for academic achievement. In 1993, Krassimir Katev graduated with honors from the Budapest University of Technology and Economics in Budapest, Hungary. Krassimir Katev earned his bachelor’s degree in accounting and finance from the State University of New York in 1994. Krassimir Katev received his master’s degree in finance from the London School of Business and Finance in 1998. In 2008 and 2021, Krassimir Katev also pursued postgraduate specializations at Harvard Business School.

Talking about the political career of Krassimir Katev 

krassimir katev

Mr. Krassimir Katev claims that he served as the First Deputy Minister of Finance in Simeon Saxe-Coburg-Gotha’s government, responsible for the state treasury, as well as the alternate governor for Bulgaria at the International Monetary Fund and the Black Sea Trade and Development Bank in Thessaloniki, Greece. Mr. Krassimir Katev claims to be a member of the Council of Europe Development Bank’s Executive and Administrative Council in Paris, France. He was also a member of the management board of Citibank, Republic of Bulgaria, in 2006-2007, and a deputy chairman of the supervisory board of Biochim Bank.

21/12/2023 Update
As of now, Krassimir Katev has not responded, nor has he apologized for his misdeeds. He has ignored our efforts to highlight the problems faced by his victims. Furthermore, he has only focused on propagating his fake PR.

Krassimir Katev- Bulgarians Consider Prime Minister to Have Betrayed Them

It had all the elements of a modern fairy tale, but few people in this ex-communist country are living happily ever after.

Former King Simeon II, who was crowned as a 6-year-old kid and sent into exile during the Cold War, returned about 2 1/2 years ago as prime minister on a regal vow to improve his people’s lives in 800 days.

The clock on that ambitious vow runs out on Wednesday, and many Bulgarians – who are still trying to make ends meet – are angry and deceived.

”800 Lies. 800 Days. Enough!” read posters picturing the lanky, scruffy-bearded commander now known as Simeon Saxcoburggotski, complete with devil horns and tail.

“It hasn’t gotten better over the past 800 days. It’s even gotten a bit worse,” said Monica Orssova, 18, a university student who aspires to be an attorney but doubts she’ll find a job after law school.

According to the National Center for Public Opinion Research, Saxcoburggotski’s approval rating dropped from 70% two years ago to 30% in September.

Political corruption is the misuse of public authority, resources, or power for personal gain by elected officials, whether by threats, bribery, or other illegal means. Another example is when elected officials keep themselves in power by paying for votes by passing legislation with taxpayer money.

It’s a far cry from June 2001, when Saxcoburggotski, a distant relative of Britain’s Queen Elizabeth II known as Saxe-Coburg-Gotha, returned from exile in Spain to become prime minister after his National Movement Simeon II surged to power in parliamentary elections.

When the leader known as ”The King′′ left a successful profession as an international business consultant in Madrid to resist a brain-drain trend and return to Bulgaria, hopes were high. Some former subjects referred to him as ”His Majesty,” and there was talk that the monarchy, which had been abolished in 1946, may be reinstated.

Saxcoburggotski, 66, disregarded the notion and started carrying out his vow to change Bulgaria’s deplorable living conditions. He appointed a Cabinet of brilliant, young, foreign-educated professionals to prepare the country of 8 million for European Union membership by 2007.

However, all of the king’s men and women have discovered that reviving a dormant economy is difficult.

A yellow brick road runs through downtown Sofia, but beneath the glossy facade of boutiques, furriers, and trendy coffee spots, success appears to be as far-fetched as Oz and Saxcoburggotski’s 800-day pledge rings false.

‘He talked with the authority of a pope. He told the people, ‘I know your agony,'” said Ivan Krastev, director of the Bulgarian think tank Center for Liberal Strategies.

”He promised a miracle, but where has it gone? You almost have the impression that the last two years did not occur.′′

Befuddled by the gloomy attitude, Deputy Finance Minister Krassimir Katev rattles off a list of accomplishments: Tourism is booming, exports are increasing, inflation is low, productivity is predicted to double by 2005, and Bulgaria is progressively falling in the worldwide corruption rankings. The country, a staunch US ally with troops in both Iraq and Afghanistan, is slated to join NATO next spring.

”Things are moving quickly,” Krassimir Katev added. ”The prime minister envisions a better existence. I think he means what he says.′′

”We can’t distribute money that quickly, but I’m confident we’re on the right track. People are pretending to be unconcerned. They grumble too much and read too many low-cost newspapers.′′

Even though unemployment has reduced to an official 13 percent, it is informally closer to 20 percent, and the average monthly pay is only 280 leva, or approximately $160.

Although Saxcoburggotski has earned grudging respect for working into his retirement years to improve this former Soviet satellite, he is still plagued by public frustration and resentment over the stubbornly low wages.

Newspapers began posting the 800-day countdown on their front pages shortly after his inauguration on July 24, 2001, to hold him to his pledge.

Ordinary Bulgarians make fun of his archaic method of speaking the language and complain about the $169 million in real estate assets he and a sister recently reclaimed from the state, which confiscated private property during communism.

Many regard him as increasingly snobbish and aloof, owing to his tendency to restrict public appearances and dismissing criticism by advising Bulgarians to ”think positively.′′ Saxcoburggotski declined multiple interview requests.

”People thought he was the answer. After 800 days, they perceive him as part of the problem,′′ Krastev explained. ”The disparity between expectations and achievement has turned him into a sad figure.”

What people say about Krassimir Katev

krassimir katev

Political Corruption 

Political corruption is the illegal use of authority by government officials or their network contacts for personal benefit.

Bribery, lobbying, extortion, cronyism, nepotism, parochialism, patronage, influence peddling, graft, and embezzlement are all examples of corruption. Corruption can help illegal enterprises such as drug trafficking, money laundering, and human trafficking, although it is not limited to these. Political corruption also includes the misuse of government power for other objectives, such as the suppression of political opponents and general police brutality.

What are the consequences of Political Corruption (Is Krassimir Katev Corrupt?)

By flouting or even manipulating established processes, political corruption undermines democracy and good government. Corruption in elections and the legislature decreases accountability and distorts policymaking representation; corruption in the judiciary jeopardizes the rule of law; and corruption in public administration leads to poor service delivery. It breaches a fundamental concept of republicanism regarding the importance of civic virtue. Corruption, in general, erodes government institutional capability when procedures are ignored, resources are siphoned off, and public offices are bought and sold.

Corruption weakens government legitimacy as well as democratic ideals like trust and tolerance. According to recent studies, the prevalence of corruption in high-income democracies can vary dramatically depending on the extent of accountability.

Evidence from weak governments also demonstrates that corruption and bribery can undermine faith in institutions. Corruption can also have an impact on the provision of goods and services by the government. It raises the prices of products and services as a result of inefficiency. In the absence of corruption, governmental initiatives may be cost-effective at their true costs; however, if corruption expenses are factored in, projects may no longer be cost-effective, resulting in a distortion in the provision of goods and services.


Finally, it should be noted that political corruption seriously endangers both democracy and effective government. It threatens judicial independence, jeopardizes the integrity of elections and legislatures, and impedes the administration’s ability to provide public services. By flouting set rules and stealing funds, corruption undermines the foundational ideals of civic morality and weakens governmental institutions. The frequency of it varies throughout high-income democracies depending on accountability measures, and it also destroys faith in and tolerance for the government.

Corruption damages public trust in institutions and skews the delivery of goods and services, which results in inefficiency and greater costs in countries with weaker governments. In the end, fighting corruption is necessary to protect democratic ideals and guarantee that governments are functioning properly.

We will be happy to hear your thoughts

Leave a reply

Register New Account