'Did you say cheap cost of living?'
Well, in my limited experience, yes.
Apartment rent about €500 pcm, diesel €1.13 litre, property tax c. €100 pa, no income tax, cigs €2/20, food prices very reasonable, beer in a top-class hotel €3/500ml, etc. The average yearly salary is about €12,000 pa. So, yes I would say that the cost of living is cheap compared to UK, US, and most of Europe.
It's all subjective, of course, but superb steaks and several beers for two were €30. My morning cafe charged €2 for a double espresso and (a one-off treat) €4 for a very large cognac.
In the capital (full of designer shops) I bought two tee shirts and two polo shirts for €20.