Look what happened to СТРОЙКО! ('Stroiko' Construction Trade-Fair, Sofia, Bulgarira)

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Look what happened to Stroiko!  I remember it being a sprawling buzzing frenetic bazaar, filling the entire square to the brim, with people hawking everything from loft insulation to revolutionary waste water management systems, roof tiles, wrought iron railings and cast iron stoves!

Having lived here in Sofia through pre-boom to boom and now post boom, there was something poignant and allegorical about seeing this huddled group of remaining business, clinging to a corner along one side of the NDK (Palace of culture), with the majestic indifference of Vitosha Mountain emblazoned across the bright Autumn horizon!

Big banner, no stands!

It is of course not only Bulgaria that has suffered  the worst crisis in living memory, but the whole of Europe the 'PIGS', with Greece in particular taking on mythological significance, as a symbol for all that went wrong with the Euro! (I even heard that the French urged letting the Greeks into the Eurozone in 2001, because of their historical contribution to Western civilization ...all of which has about as much to do with sound monetary and fiscal management as Ouzo does to sobriety!

One feels that one requires the stamina of a Marathon runner to get through 'The Wall', so to speak, as has been living under the constant pall of the great 2008 credit crunch!  Living so close to Greece and watching BBC & CNN & listening to BBC Radio-4 last week was exhausting.

It had felt as if we were starting to level out with signs of activity returning to the property market when a giant Greek monkey wrench was thrown into the works!  This was compounded by lack of decisiveness from Messers Merkel & Sarkozy which only added to a growing sense of disquiet.

With the Greeks as major trading partners and geographical neighbours it is very real here on the ground in Sofia.  Especially as Greeks have a major stake in the Bulgarian banking sector, with recent figures suggesting that 30% of them are Greek owned!

Hey did I miss it?

Here's hoping that the latest QE bail-out with all its 'haircuts' and complex mechanisms, to help write down Greek debt and ring-fence Italy, Spain (even France some say?!) works and we can start to enjoy a return to confidence once more.

When we do, let this be a salutary lesson, allowing us to plan for more responsible spending and sustainable development in the future.  As the saying goes ‘beware of Greeks bearing gifts’!

It was a long hard week but we hope to be back firing on all cylinders by next Monday with a more optimistic outlook!  Until then as they say a picture speaks a thousand words and I will let them do the talking for once!

James Flint www.sofiacasa.com

If you have any queries with your Bulgarian Investments - ask James at investments@propertysecrets.net