This study investigates the evolution of liberal justifications for austerity in Bulgaria as evidenced by articles appearing in the weekly newspaper Capital during the 18 years between 1997 and 2014, inclusive. Capital, as its title suggests, is the flagman of the Bulgarian pro-business press. It is part of Economedia, a publishing house owning popular offline and online IT, business and lifestyle magazines. It was co-founded by Ivo Prokopiev, one of the most influential entrepreneurs in Bulgaria. Between 2006 and 2010 Prokopiev headed the largest business union, the Confederation of Employers and Industrialists in Bulgaria (CEIBG). Apart from his media business, Prokopiev is also chairman of the Management Board, CEO and co-founder of Alfa Finance Holding - a financial and industrial group owning businesses in financial services, real estate, renewable energy, industrial minerals, logistics, construction and telecommunications in Bulgaria and throughout South East Europe.