I hope Bulgaria and the EU have learned from past mistakes (I don't think they have).
While EU and the Euro had good intentions and prospect, it turned out to be a disaster for some of us.
Greece is in a recession for more than 16 years now, with no visible exit,
because (one of many reasons of course) it couldn't devalue its currency back in 2009.
Now we might speculate that Greece couldn't have avoided this, even if it weren't for the Euro,
but having lived this from the inside, I think that it wouldn't be that painful.
Countries like Japan, Italy and even USA nowdays, have comparable debt to GDP indexes,
but none of them (as far as I undestand) have had this kind of dorp in living standards,
price inflation or increase in poverty rates since 2008.
Best of luck to our Bulgarian neighbours. They are going to need it!
Now we might speculate that Greece couldn't have avoided this, even if it weren't for the Euro, but having lived this from the inside, I think that it wouldn't be that painful.
Countries like Japan, Italy and even USA nowdays, have comparable debt to GDP indexes, but none of them (as far as I undestand) have had this kind of dorp in living standards, price inflation or increase in poverty rates since 2008.
Best of luck to our Bulgarian neighbours. They are going to need it!