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“I am tired of people in America talking about Bulgaria as a Third World country. Bulgaria is far from being a poor country,” Dino Dion told Deutsche Welle. The financial expert was born in Plovdiv, but emigrated in the 1990s. Today he lives in New York.
“Bulgaria is far from being a poor country.” This is how the financial expert Dino Dion answers the following question on the US platform “Quora”: “Why are countries like Bulgaria and Romania so poor 30 years after separating from communism?” In this regard, Dion points out that 95% of Bulgarians own property, while Americans own only 59% of people, and most pay mortgages. The expert lists other advantages of Bulgarians compared to Americans, including free health care, social benefits and low taxes.
We reached out to Dino Dion to find out why a New York-based finance and investment expert is so familiar with Bulgaria. We learn that Dino Dion was born in Plovdiv and owes his name to his Greek roots. He emigrated in the early 1990s, first heading to Great Britain, where he completed his education. Today he lives in New York and is the founder and CEO of an investment management company.
“The Bulgarians are their worst enemy”
We asked him why he took so long to explain the economic situation in Bulgaria and to refute the claim that the countries of Eastern Europe are poor. “I’m tired of people in the United States talking about Bulgaria as a Third World country,” he said. There is no “third world” in Europe. And Eastern Europe is not a wild place where there is no electricity and no sewage. But the Bulgarians are to blame for their negative image abroad, Dion said.
“Bulgarians are terribly bad at public relations and marketing,” said the financial expert. “The Greeks advertise their islands on buses in New York and London. They have a special tourist office abroad and spend millions to promote their islands and antiquities,” Dion said, criticizing Bulgaria’s inertia. According to Dion, this distancing from the rest of the world has its roots in a story that has left a strong mark on the psyche. It is a small country, geopolitically located at the crossroads of Europe and Asia. , which has historical conflicts with its neighbors, has been under foreign rule, has suffered from both Ruia and the West, explains Dion.
“Peripheral syndrome”
“Bulgarians are like Italians and Greeks: they complain a lot. They complain about the state. They complain about the government. They don’t trust political parties, they don’t like all politicians,” Dion said, giving two explanations for these attitudes. He defines the first as a “peripheral syndrome” and the second as a fundamental problem in developed countries.
Dion shares that he has traveled to Bulgaria many times in the last decades. “I have witnessed the hyperinflation in the 1990s, the total collapse of the financial system and then the economic and political recovery that ended with the accession to the EU. I call it the ‘Bulgarian economic miracle’, so, however , my Bulgarian friends make fun of me. It is understandable, in fact: it is difficult to see something under your nose, “says the financial expert.
Dion also states the following: while American retirees cannot pay their rent, almost all Bulgarian retirees have their own house. “Why are Bulgarian pensioners, who are having difficulties, not selling their houses and apartments, for which they could receive large sums?” Asks Dion. According to him, the most serious problem for Bulgaria is related to demographics. “It is not difficult to imagine how this will affect the state budget. The situation is reminiscent of Japan, where they began to import labor from abroad.”
“The great comeback of Bulgarians from abroad is yet to come”
At the end of the conversation we flip the roles. “Will Borisov fall?” Asks Dino Dion. We explained that even if the current prime minister remains in power until next year’s elections, forming the next government will be a very difficult task. To which Dion replies: “Bulgaria doesn’t have time. Bulgarian emigrants will continue to return to the country due to the impending economic crisis. And these people will drive change. “We tell you that trend is already being observed. And that the protests are attended by many young Bulgarians who have returned from abroad because of the pandemic.” This is only the beginning, “Dion predicted. The big comeback will be this Christmas and in the first quarter of next year. At some point, these young and capable people will prefer to return to their families. Difficult times are ahead for everyone, but this is definitely a positive for Bulgaria, “said Dino Dion.
Bulgaria
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