Abstract
In times of high liquidity in the credit markets and low interest rates, debt financing is an attractive opportunity both for expanding the municipal investment program and for meeting short-term temporary current needs. The purpose of this article is to review the debt financing of local authorities in Bulgaria for the period 2008 -2018, to assess whether the macroeconomic risk is currently present on municipal debt in Bulgaria, to analyze the potential risks of rising local debt levels. The change in the municipal debt of EU countries is presented, the examples of the implementation of local debt control and monitoring systems are given.
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