Why Should We Look at Greece and Think about Bulgaria? Mind the horns!

by Rumen Galabinov – economist

The reasons for the problems in Greece are similar to the problems we see in Bulgaria.

Greece has not taken any measures for economic reform; did not restructure its economy in time and did not take measures to combat smuggling and tax evasion, all things that we see in Bulgaria.
Bulgaria and Greece are lagging behind in the fight against corruption and abuse of European Union funds, only the scale is different, however, here and there, theft still remains.
In recent years, Greece has continued to constantly take loans from the international markets and use them for public spending, similarly to Bulgaria.
Greece has not taken measures to cut its bloated public administration and has not made steps to limit the waste of public funds, as it is in Bulgaria.

A bankruptcy of Greece will affect negatively Bulgaria as well, due to a decline in foreign direct investment that will delay our economic growth. We have a unique chance to learn from the mistakes of Greece because it is better to learn from the mistakes of others rather than our own.