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Have you heard ??

London, United...
Level Contributor
637 posts
130 reviews
Have you heard ??

On our recent trip, we were told, by people that live there that there is a possibility of Bulgaria going over to the euro in 2020, they really don't want this to happen as they say it would put the price of everything up,has anybody else heard this, or is it just idle gossip, ??? ,we were told this by 2 different people, one of them a hotel owner.

B

15 replies to this topic
Ayr, United Kingdom
Level Contributor
2,552 posts
20 reviews
1. Re: Have you heard ??

There is a 2 year process to adopt the Euro AFTER a country joins ERM (exchange rate mechanism) and it takes 2 years to fully join ERM, Bulgaria is at this stage and if parliament decides to go for it (lots of debate taking place at the moment) then they will join ERM in 2020 with a view to going fully Euro 2 years later.

The terms of joining the EU applied to Bulgaria in 2007 say they MUST join the Eurozone at some point in time, just looks like things are firming up now

Amsterdam, The...
Level Contributor
816 posts
17 reviews
2. Re: Have you heard ??

If they stick honestly to the current fixed Euro/Lev rate (1.95 ish) no problem. But I was in NL when they went Guilder to Euro and some shops used it as an excuse to increase prices.

But I doubt it would put me off too much lol

Stockton-on-Tees...
Destination Expert
for Sunny Beach
Level Contributor
2,940 posts
88 reviews
3. Re: Have you heard ??

If it happens I’d have to hang fire and speak to others before coming again as the other holiday destinations that use the euro are very expensive. I love sb an ddont just come for the cheap prices but it isn’t fun to pay rip off prices when on holiday and even more so when your paying people who also don’t want this to happen. I seriously wonder at people who run countries, any country for that matter. Do they actually take into consideration anything or anyone or look at what it’s done to other countries who have adopted the euro?

Salisbury, United...
Level Contributor
2,911 posts
61 reviews
4. Re: Have you heard ??

when they join the euro the prices will go up in the shops it always happens

it did here when we went from LSD to decimal

(£sd pounds shillings and pence for those that don't know old money )

it happened all over Europe when they went to the euro

plus at some point VAT will equalise with the rest of the EU so that will rise prices

Birmingham, United...
Level Contributor
6,450 posts
114 reviews
5. Re: Have you heard ??

Whilst there are variations between resorts in europe in regards value, biggest determinating factor for us is the exchange rate , in previous years when you could get 1.40 plus makes euro destinations seem good value , exchange rates now at about 1.12 make it much less so.

In the future when bulgaria adopts the euro the situation would i imagine be broadly the same .

Atb steve

London, United...
Level Contributor
637 posts
130 reviews
6. Re: Have you heard ??

Completely agree with posts 3 & 4, hotel owner says he will have to put up prices of rooms, food everything,i was in Benidorm when Spain got the euro, prices went up overnight,i feel very sorry for the people who live there

B

London, United...
Level Contributor
637 posts
130 reviews
7. Re: Have you heard ??

Agree with you too Steve.

B

Southampton, United...
Level Contributor
367 posts
162 reviews
8. Re: Have you heard ??

Unfortunately it looks like this is very likely to happen. Like another reviewer said...I too was living in the Spanish town of Burriana when Spain adopted the Euro. My local cafe/bar increased its beer prices from £0.33p per 500mm draught to £0.75p overnight!!!

The only saving grace was that my 3 bed apartment in the town centre...which cost £16100 including all charges...was suddenly worth €38500 and sold 18 months later for €59950!!!

So hopefully my house in Botevo, will suddenly be worth €175000...which on a £9000 investment would suit me fine.

However...that said...I seriously hope that the Bulgarian government and the people vote against this move. It will literally ring the death knell for many small businesses and hotels.

Amsterdam, The...
Level Contributor
816 posts
17 reviews
9. Re: Have you heard ??

You lot have really gone pessimistic since I left lol.

The € to Lev exchange rate has been fixed for more than 2 years. I do not predict a total disaster just an opportunistic blip.

Hopefully £ picks up and you Brits won't even notice.

Liverpool, United...
Level Contributor
634 posts
29 reviews
10. Re: Have you heard ??

Personally I don’t think our Bulgarian friends are that daft to price themselves out of such a short season... Lev or Euro won’t make a massive difference....

Especially as it’s a fix rate with the Euro and hasn’t move for years!!!

Here’s hoping!!!!!

Mel.....

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