Buy & Sell Bulgaria Insight Newsletter

By Ralph Atkins in Frankfurt, April 29^th, 2009

The first significant rise in eurozone economic optimism for almost two years has created a slightly less bleak backdrop for emergency measures to be unveiled by the European Central Bank next week, which could see new policy tools deployed to fight the crisis.

The increase in the European Commission’s economic sentiment index for April added to evidence that the worst of continental Europe’s recession is over. But with the ECB not expecting a return to growth until next year, it is expected to press ahead with another cut in its main policy interest rate from 1.25 per cent to 1 per cent next Thursday.

Dear Partners, Clients and Friends,

We would like to inform you that our Head Office in Varna, Bulgaria will be closed in the period May 1^st, 2009 (The Labour Day) - May 6^th, 2009 (St. George’s Day, Day of the Bulgarian Army) due to the National Bulgarian Holidays. Should you have any urgent queries, please contact our Office Manager, Ms. Nedyalka Aleksandrova (tel.:+359 894 417 675) or our Cyprus Office (tel.: +357 22 37 15 12), which will be closed on May 1^st, 2009 only.

Dear Partners, Investors, Friends,

Today, April 22, 2009, Eurolink Investment Group made a substantial donation to the University of Alberta - Canada, Department of Medicine for the DCA Research on cancer treatment. We invite all of you to join us on this very important and crucial for the humanity health cause for we believe in the sacred value of human life and the right of better and happier living and are sure you share this fundamental belief of ours completely.

Make your own donations for the DCA Research. Save a human life!

READ MORE »

By Christopher Violaris, CEO, Eurolink Investment Group Plc.

It is by now obvious that the world economy has entered into a recession the depth and the duration of which only very few are prepared to risk a forecast and much less are those who dare to identify the causes. Seeing the consequences affecting our lives and actually knowing that we will pay for them, others more and others less, this become obvious as the problem unfolds and a serious question comes up! But the answer and its cost, is for us all to pay. The question is, “I am not guilty for anything, above all for the economic crisis, why should I pay the mistakes of others”. The question becomes more acute after the discovery that those who caused the economic crisis, not only will not ‘pay’ but the ‘evil’ is that they have been paid or will be paid generously for their disastrous mistakes! How then can someone protect himself from the crisis and how to protect his fortune and property? To answer this key question, we must see why, how and what caused the economic crisis.

As the crisis unfolds, the causes that provoked it become more visible. Specifically, the last two decades have brought about dramatic changes and economic upheavals such as the collapse of the Soviet Union and communism, the global monocracy of the USA, the dramatic industrial growth of China, India and other countries in the Far East, the two Gulf wars and the return of Russia as energy superpower, this time.

Generally all these events have cultivated a climate of euphoria and a sense of economic security, which in turn led to a rampant consumerism and to fatal dance of borrowing. In short, people were buying whatever they found before them, not concerned if what they had purchased was beneficial and useful and if the price paid represented the actual value of what was bought.

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By Krishna Guha in Washington and George Parker in London

Published: March 18 2009, Financial Times

Britain’s recession could be deeper and longer than in most other parts of the world, according to draft International Monetary Fund forecasts that cast a shadow over Gordon Brown’s election hopes for next year.

The IMF will on Thursday tear up forecasts it made for the world economy only weeks ago and predict a more severe slump, including a deeper recession in the UK that continues into 2010.

The fund’s economists have responded to the pace and severity of the downturn to cut further gloomy forecasts for growth in 2009 that it made in January.

Teresa Ter-Minassian, an adviser to Dominique Strauss-Kahn, IMF managing director, on Tuesday dropped a strong hint of what to expect on Thursday when new figures are released.

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The Irish President, Mary McAleese (middle) and to the right Mr. Christopher Violaris, CEO of EIG, and Mr. Oisin Creagh, Director/Architect of Murray ÓLaoire Architects

Bulgaria’s leaders, President Parvanov and PM Stanishev, welcomed the President of Ireland, Mary McAleese, to Sofia Wednesday 25^th March, 2009.

“The large number of Irish who visit Bulgaria are the natural bridge between our two countries because the contact between people is the most important thing, and it has been growing steadily in the recent years”, President McAleese said during her meeting with Stanishev.

On Thursday, 26^th March, 2009, Ireland’s President opened a seminar entitled “Bulgaria and Ireland - European Partners” at Sofia University, followed by a business lunch hosted by Enterprise Ireland, held at the Alexander’s Ballroom, Radisson SAS Grand Hotel Sofia. The event gathered Irish and Bulgarian business leaders aiming to reflect the strong trade, investment and cultural links shared by Ireland and Bulgaria. The CEO of Eurolink Investment Group, Mr. Christopher Violaris, made very beneficial contacts with major Irish investors and exchanged views together with the Group’s Assosiates Mr. Oisin Creagh, Director of Murray ÓLaoire Architects and Mr. Frank O’Dowd, golf designer of Intergolf Inc, regarding our projects and the creation of New Varna. Mrs McAleese expressed her opinion that Bulgaria has positioned itself on the world intellectual scene. She made many comparisons between the two countries and noted that despite the significant distance Bulgaria and Ireland have similar values and history. In her words, the economic and cultural exchange between Ireland and Bulgaria proves their similarity. ‘We understand each other in the depth of our souls, as if we have known one another our whole lives’, said the Irish President. McAleese pointed out that many people from Ireland wish to visit Bulgaria. According to her more than 70 000 Irish citizens have traveled to the Black Sea country in 2008.

Later on the same day, Mrs McAleese visited the Centre for Autism and attended an Irish community reception. She will complete her visit to Bulgaria by traveling to the southern city of Plovdiv, and the Bachkovo Monastery on Friday, 27^th March, 2009.

Paradoxically, President McAleese’s visit to Sofia ends just before the Ireland-Bulgaria World Cup 2010 football qualifier taking place on the forthcoming Saturday.

1st April is a Public Holiday in Cyprus. On this day all Greek Cypriots celebrate their National Day. The Holiday commemorates the anniversary of the start of the liberation struggle of the Greek Cypriots against British colonial rule in 1955. On this day secondary school pupils as well as students of higher institutes attend church services.

Happy Holiday and Congratulations on your Victory!

14^th March, 2009, Sofia Weekly

The euro has started taking over from the lev, as the main currency preferred by Bulgarian businesses and property owners, data shows. Bulgarian National Bank (BNB) figures released for January 2009 showed a huge rise in euro denominated loan portfolios. Euro denominated housing mortgages in January totaled BGN 22.9 mn in comparison with BGN 106 mn in December 2008. At the same time, households borrowed BGN 21.6 mn less lev denominated credits, following a drop of BGN 4.9 mn in December. In October and November, euro loans grew by BGN 9.8 mn and BGN 111.3 mn respectively. Euro loans totaled BGN 9.9 mn and BGN 153.1 mn. Over the past five months, the share of euro denominated household mortgages expanded from 45.6% to 48.1% of the total mortgages in Bulgaria. The trend is mirrored in the consumer credit market, where euro denominated loans account for only 12% but rose for a third month in a row as BGN denominated credits dwindled, the Bulgarian daily newspaper Dnevnik reported.

In this season of new beginnings, new hopes and new joys, which fills us with warmth, it is time to get together with friends, family and loved ones and celebrate. Wishing to all our clients, partners, friends and family every happiness, prosperity and continued success!

Happy Easter!

It is with great regret and grief to announce to you that our dear friend, partner and client Evan Roberts died 2nd April 2009 in an accident with his favourite Para glider, near Sozopol, Bulgaria. He will be very sadly missed by all the family and his many friends at Eurolink Investment Group. Our deep condolences to his relatives and all who loved and cherished him!

We will continue to remember you with affection, Evan, and hold your memory dear. Rest in peace!