you need to be careful, just going to a low expese country doesnt mean that you will be able to afford it. Chances are, you'll work longer hours, and be paid less for harder work. If I were you, I would consider countries with a stable economy and a good living standard, like germany or france, austria...
Italy and greece would be tough I think... perhaps in a larger city in spain....
Anything in central or eastern europe will be a struggle. Also, you say you dont want to spend a lot of money on your MBA, - Don't waste your time with an MBA that won't be recognised. If you're going to do something, make it worth your while.

Germany is a good choice - the MBA programs are relative cheap, cost of living is not that high(compared to France or England) and they also have a high living standard and a stable job market(although it depends on the city). i would look into Mannheim and Frankfurt. also check out RSM in Holland - good reputation and lots of financial aid options.

thank u for your valuable response then what about spain is it good?

although Spain is generally speaking not to expensive, life in the two big cites, Barcelona and Madrid can be quit expensive. problem is, the good schools are situated i thous cites - like highly Ranked ESADE Business school(Barcelona) and IE Business school(Madrid).