The economic crisis that hit Greece may have a negative impact on Europe, but there is one country that would gain the advantage of the problem. Greek investors are now beginning to glance at neighboring Bulgaria as a potential place to invest their money.
“It’s for a sad reason, but actually happened. In fact many Greek residents who have moved their funds in Bulgaria. Action is clearly to avoid the risk if the Greeks out of the European Union, “said Georgy Ganev, economist from the Center for Liberal Strategies.
Out of the European Union is the solution to the problem of the Greek economy. “Greece must come out of the European Union, became more competitive and devalue its currency. Savings program has destroyed the country’s budget, “said market analyst Louise Cooper of BGC Parners.
Actions taken to rescue the Greek economy was even contributed to the decline of living standards and increase the pressure on the interim government. Whoever wins the May 6 election, the government must implement further austerity program. According to the requirements of the EU and the IMF, Greece is already receiving bailout funds must save 5.5% of GDP or about U.S. $ 14.4 billion and received an additional U.S. $ 4.4 billion in revenue from taxes.
Greek businessmen are now invest in Bulgaria because of taxes and labor costs there are also lower more competitive market. Staff Jeans is one of the Greeks who began to move to Bulgaria.
Staff Jeans part of production has been moved to Bulgaria. But after sales slumped 40% of their home country, they decided to move all production to Bulgaria. To be more competitive in the European market, they must reduce the cost of production.
“What is happening in Greece today is a tragedy. We lost a lot of revenue and at the same time having to spend a greater production of the burden of having to carry our stuff back and forth between Greece and Bulgaria, “said Joseph Komninakidis of Staff Jeans.
Not only business people who move but also a private investor. Real estate brokers have seen no movement influx of buyers from Greece. “Not too far away for them to travel,” said Boyko Boykov from B & H Real Estate. According to him, price and location of property in Bulgaria attractive for investors Greece.