Bulgarian Economist Warns Euro Adoption Could Sink Bulgaria Faster Than Greece

Bulgarian economist Viktor Papazov, a Harvard graduate and one of the founders of the Bulgarian Stock Exchange and the Central Depository, has delivered a stark warning about Bulgaria’s adoption of the euro. Speaking to Bulgarian National Radio, Papazov described the move as a strategic decision that amounts to surrendering national sovereignty.

“This is the first step toward the ultimate downfall of Bulgaria,” he said, stressing the risks of joining the eurozone at this stage. He compared the situation to boarding a sinking ship: “We climbed aboard the Titanic after it had already hit the iceberg, taken on water, and was going under.”

Papazov argued that history shows no exceptions among eurozone countries: each has faced mounting debt, economic contraction, and challenges to prosperity. “There isn’t a single EU country that entered the eurozone without getting trapped in debt or seeing its economy shrink. All of them are sinking,” he said.

He cautioned that Bulgaria is heading toward a scenario similar to Greece’s economic crisis, but warned that the country’s trajectory could be even more rapid. His comments reflect deep skepticism about the economic benefits of euro adoption and underscore concerns that joining the euro could accelerate financial strain rather than ensure stability.

Papazov has previously served as a member of parliament from the "Revival" party and played a central role in the establishment of key financial institutions in Bulgaria, lending some weight to his assessment.

Source: BNR interview