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Witness History: Bulgaria's cash crisis

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Bulgaria's cash crisis

22/08/2022 GMT

BBC World Service - Witness History, Bulgaria's cash crisis

How an American economist helped save Bulgaria from financial collapse.

In 1997, Bulgaria was in the midst of a financial crisis. A recovery plan from one of Ronald Reagan’s former economic advisers was on the table. But would it work?

In 1997, Bulgaria was in financial meltdown with hyperinflation making money in the country worth a lot less. Bulgaria had emerged out of communism following the fall of the Soviet Union in 1989. 

Like other post-Soviet regimes in eastern Europe, the country found the transition from communism to capitalism harder than expected. The President of Bulgaria, Petar Stoyanov, knew he had to do something and a recovery plan from one of Ronald Reagan’s former economic advisers was on the table. But would it work? 

Matt Pintus has been speaking to the economist, Steve Hanke.

Photo: Steve Hanke and Liliane Hanke meet Petar Stoyanov. Credit: Steve Hanke

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