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  Issue Date: 2 / 2017  

Grexodus to Bulgaria

Bill Donahue

Photo from a visit to ELVO, the semi-private, semi-public wing of the Greek government that makes military vehicles and allegedly owes ~€500,000 to GAL, the crane makers at the center of our story. [The author] spoke to some people there and Elvo’s position, essentially, is, “We don’t have any money so we don’t owe them any money.” / Image Credit: Bill Donahue Click image to enlarge.

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The place embodies the Greek dysfunction that is compelling companies to flee to Bulgaria. In 2014, the troika forced it to liquidate and cut its staff, which included about 375 people, and ELVO has failed to do either of these things. It still has 340 people on its payrolls, and as you can see from these pictures, taken on a Tuesday morning at around 10:30, almost none of them come to work. There is no work to do. / Credit: Bill Donahue Click image to enlarge.

Bill Donahue is a journalist living in New Hampshire. He has written for The New York Times Magazine, The Atlantic, Bloomberg Businessweek, and Harper’s. He is also the author of Runaway: How A Slave Defied America’s First President.
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