Tagesspiegel: 10 000 Greek Companies Have Moved to Bulgaria

Feeling unable to see their future in Greece, many companies move to the country's northern neighbor, Bulgaria, a German daily suggests.

With the Greek economy having hit rock bottom, more than ten thousand businesses have chosen to move in Bulgaria over the past few years, according to Dear Tagesspiegel.

That Bulgaria's poorest EU member state has such an appeal comes to no surprise, the media outlet explains, citing economy experts.

"Everything here is a better bargain, taxes are lower, payment systems are functioning, part of them being in the hands of Greek institutions," Krasen Stanchev, from the Institute for Market Economics, is quoted as saying. He is referring to Greek banks operating in Bulgaria which control around a fifth of the country's banking assets.

There is no sector [of the economy] in Bulgaria where Greek companies are inactive in Sofia, from construction and bakeries to trade or real estate, Tagesspiegel notes.

It adds that, even though international ratings agencies now believe the outlook on Greece's economy is improving, "it will take some time" before it gets back on its feet.

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