Vigroux, Mazars: Romania is less exposed to the crisis than Bulgaria

Vigroux knows both markets very well, as he headed the operations of the PricewaterhouseCoopers consultancy and audit company in Bulgaria for four years, from 2004 to 2008 and developed the firm’s Romanian office between 1991 and 2004.  

“I think Romania is better positioned than Bulgaria as concerns the financial crisis. Bulgaria has a huge current account deficit, which the country is trying to narrow almost exclusively by investments in real estate and tourism,” Vigroux said.

He added that the reason for which the current financial crisis is worse than all past crises is because it has little connection to the real economy. “We are presently suffering from virtual economy, as speculations have reached unknown proportions. This is the novelty of the current crisis,” Vigroux said.