Payouts to Greece's pensioners were cut so much that some of them are moving to one of the poorest countries in Europe, Bloomberg writes.

Pension equal to 800 euro may let Greek pensioner to live comfortably in Sofia, the capital of Bulgaria, visit Greece and travel to other countries.

While other Europeans view Greece as potential destination for their retirement, locals, whose pensions was cut significantly during long debt crisis, cannot afford it anymore. Last budget submitted to European Commission on October 15th finally does not have those cuts.

Meanwhile, in 2017 cost of living in Greece was twice as much as in Bulgaria, where it is the lowest among EU countries. Cup of Espresso coffee in Greece will cost 4,70 euro, while in Bulgaria it will be priced at 2,30 euro, metro ticket will cost 1,40 euro and 80 cents respectively.

Bulgaria joined EU in 2007, and since then, average annual growth was 2,4%. That year was the last year of growth for Greece, which entered into sovereign debt crisis.

Today Bulgaria with population of 7 million people is the poorest EU member. Inflation in September reached 3,6%, the highest level in five years, which can make it difficult for the country to join euro area.

However, such inflation does not scare away Greek pensioners that can allow buying bread for 60 cents, having lunch for less than 10 euro and rent one-bedroom apartment for 200 euro per month.