FinMin: Greece's Troubles Are Beneficial for Bulgaria

Business » FINANCE | October 24, 2011, Monday // 12:57
FinMin: Greece's Troubles Are Beneficial for Bulgaria: FinMin: Greece's Troubles Are Beneficial for Bulgaria Bulgaria's Finance Minister, Simeon Djankov, says the country has become a shelter for the Greek business. Photo by BGNES

The financial and economic crisis, which is shaking neighboring Greece, is beneficial for Bulgaria, according to the country's Finance Minister, Simeon Djankov.

Dajnkov had made statement in an interview for the German newspaper "Die Welt," where he says the crisis is not something pleasant, but there is certain gloat since Bulgaria has always been compared to Greece and it finally became clear that Athens is in a much worse situation.

The Minister has further said that Bulgarians are to an extend happy over Greeks' troubles while the comparison is helpful to the cabinet of the ruling, center-right Citizens for European Development of Bulgaria, GERB, party.

He explains that for a long time, Bulgarians, who have agreed to sacrifices, in order to keep their foreign debt at one of the lowest levels in Europe (16% from the Gross Domestic Product, GDP, in 2010), looked with envy at their southern neighbors over their higher living standards.

"And now Bulgaria is a shelter for the Greek business, investors and capitals. In the last two years, nearly 2 000 Greek companies relocated to Bulgaria and many Greeks put their money in Bulgarian banks," the Minister had stressed.

According to Djankov, about EUR 1 B have come to the country from Greece, which, he says, is a hefty amount.

"Nevertheless, I prefer for our neighbor to return on the right path; this will become an incentive for increased trade between us," the Minister concludes.

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Tags: business, greece, Greek, Shelter, Simeon Djankov, finance minister, Bulgaria, crisis, finanacial, economic, GERB

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