There was a recent article made in the "Economist" magazine. It reported that Bulgarian and Romania have the worst economies in Eastern Europe. Now you don't have to be a mastermind to work that one out, it just confirms the obvious.It claims that the current financial crisis on a global scale with have a negative affect in Bulgaria and Romania. Again, it could be said that the global financial meltdown will have a negative affect on every country in the world not just the poorest in the EU.
It goes further to state that Bulgarians have their Bulgarian Leva currency tied with the Euro and with no devaluation option to improve export competitiveness should be a major concern. And alongside the loss of millions of Euros from EU funding to Bulgaria due to corruption should sudden more shudders to the economy and concludes that both Bulgaria and Romania will face bleak times ahead.
Dealing with increasing poverty here is normal, this has been happening before any such global financial meltdown cam into play. Bulgarians put up with and deal with that in their own way. The only problem I see is for those here who have now been given a materialistic upbringing (especially the new westernised generation Bulgarians) and now will find that this may be taken away. This will be the cause of national unrest and to the extreme, revolution! This should be the greatest fear.
- Would this news put you off from investing in Bulgaria?
- Does anyone else fear this in their own country?
- If you already an expatriate, would this make you think about returning to your homeland?
Somehow, described situation seems very familiar - and I really feel "sad" for all poor Croats who won't be able to afford themselves ski vacation in Madonna Di Campiglio, and instead they'll need to stay in some local resort...it's funny how people easily embrace "glass legs" of luxury and now, when someone wants to take it away, they act like little children...and another thing, I don't recall that Croatia (or any other Balkan country, in that matter) ever exited recession...
ReplyDeleteMartin, you could of course be describing Thailand, Baht tied to USD, a load of poor souls and a ruling elite.
ReplyDeleteAlmost a mirror image.
Only problem here is that we expats who bring in finance from the good old UK are suffering a little as well thanks to Brown and Darling.
hello! just dropping ECards..how are u?care for ex links?
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take care!
Hi, I enjoyed your post and wanted to let you know. I'm still recovering from my shoulder surgery, getting better every day, but still have difficulty typing for long periods of time.
ReplyDeletepeace,
Mike
livelife365
Very interesting. As Americans, we are spoiled - Would I give it up to live in another country...absolutely! Life is about what you learn - there are times (I'm sorry to admit) that I'm embarrassed to be an American and I realize, that there is so much to learn.
ReplyDeleteI commend you for all that you do.