121–130 of 340 posts
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Bulgaria economy and the average citizen quality of life are not that correlated. You can have one improving while the other is deteriorating. We saw what happened in the US when such a gap became wide enough.
By many metrics (life expectancy, inequality, literacy, poverty rates) the US is a third world country.
Probably a bad idea. The big economies of the eurozone have been in constant stagnation for the last 15 years. To me it seems that Bulgaria has jumped on Titanic on Qweenstown. I do hope that I am wrong, but those are the same people that made the plastic caps permanently attached to the bottles.
It's still hilarious to me how upset people are at this (or at least pretend to be).
Probably a bad idea. The big economies of the eurozone have been in constant stagnation for the last 15 years. To me it seems that Bulgaria has jumped on Titanic on Qweenstown. I do hope that I am wrong, but those are the same people that made the plastic caps permanently attached to the bottles.
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The Bulgarian Lev is already pegged to the euro and was pegged to the DM before
Is that why the lev tonUeor conversion rate is essentially the same ad DM to Euro?
[dupe] Earlier: https://news.ycombinator.com/item?id=44412143
Probably a bad idea. The big economies of the eurozone have been in constant stagnation for the last 15 years. To me it seems that Bulgaria has jumped on Titanic on Qweenstown. I do hope that I am wrong, but those are the same people that made the plastic caps permanently attached to the bottles.
Which is a bad idea because...?
Eurozone doesn't know how to manage the economy successfully. The euro has been a failure. We went from somewhat parity with the US in 2006 to lagging quite behind them 20 years later.
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Polish here, very much against adopting the euro until our standard of living and growth rate matches Germany (no at least not for next 10 years). Why? Because the disadvantages far out weight the benefits for developing countries. The biggest issue is giving up one of the biggest instrument of control over the economy to a supra-national non-democratic organisation. Surely the monetary policy will follow what is bes…
You can't possibly compare Poland to Bulgaria with 1/8 Poland's GDP and 17% its population. For Bulgaria the Euro is completely fine, as the Lev has been pegged to the Deutche Mark and later the Euro for ages. It's exports are basically raw materials and grain. Most of the other stuff they produce is sold domestically. I think I've only seen Bulgarian sunflower oil, mineral water, ketchup and pasta in stores outside…
This will likely come with a one-time significant increase in inflation, at least based on other European countries. When Germany converted to the Euro, the conversion rate was (IIRC) about ~2 DM to the Euro but from what I recall, a lot of everyday things went from costing 7 DM to 7 euro, effectively doubling in price. IIRC France was similar (ie ~6.5 francs to the Euro but 10 Francs went to 3 euro, etc). I've tried…
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Since Bulgaria was already in a currency board with the Euro, they already were a “debt slave”, so nothing changes there.
it seems you are not understanding how dent unions work. lol
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Hm I always wondered about what this choice actually translates to, what’s the underlying logic determining how what I pay in -> where conversion gets made?
It's called DCC and you are legally required to be offered a choice. If you choose the local currency, your home bank does the exchange and the rate is basically always better. If you choose your home currency, the terminal operator does the exchange at a terrible rate and often slaps on a hefty fee for the "convenience".