GERB leader Boyko Borissov says the government's new borrowing puts Bulgaria into a mode where it will spend its money only on interest and loan payments. He spoke to reporters in the Ruse region about the 2.25 billion euro loan the government raised on the market on Tuesday.

"We're entering a mode where, for the rest of our lives, we'll be paying only interest and loans," Borissov said. He called these huge sums for just a few months in power.

This government's first loan was 3.8 billion euros, and the budget sets out a new loan of 10 billion euros, he said. If the pace keeps up, interest payments alone will top 1 billion euros next year, Borissov predicted.

He promised that if his party returns to power, it will scrap what he called "insane taxes". GERB has not raised taxes and won't start now, Borissov said, adding: "We won't go around counting bottles of rakia, pickles and jam in people's basements."

Instead, the party will keep bringing in money by cracking down on smuggling, Borissov said. He noted that last year the tax agency and the customs agency brought in 7 billion euros more from smuggling in a single year.

Borissov spoke near the village of Mechka, where he met local party members as part of GERB's "New Minds" initiative. The party has both young and experienced people, he said, adding that the young ones need training and that voters will be the ones to judge them.