A coordinated effort to create panic about the health of Bulgarias banking system has led the European Commission to extend a credit line of 3.3 billion lev ($2.3 billion USD). Bugarian President Rosen Plevneliev and other government leaders have sought to avert a crisis by emphasizing that all money stored with the countrys banking institutions is safe. Corporate Commercial Bank was the first victim of last weeks bank run, and withdrawals became so widespread that Bulgarias fourth-largest lender was forced to shut down and cede control to the central bank. The bank paid out 800 million lev ($558 million) to people in a single day, leading to its own temporarily closing.
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