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International Information Centre for Balkan Studies



Bulgarian President's Budget Veto Overturned

Parliament on 16.08.2013 overturned the President's veto of the revised budget for 2013.

Read more: Bulgarian President's Budget Veto Overturned

Serbian Govt Lures Foreign Economic Advisers

In order to find help for the country's struggling economy, the Serbian deputy prime minister is trying to get international experts on board as advisers.

Read more: Serbian Govt Lures Foreign Economic Advisers

Greece: TAIPED, Emma Delta sign OPAP privatization deal

A 652-million-euro agremement foreseeing the transfer of 33 percent of state-controlled Greek Organisation of Football Prognostics S.A.
(OPAP) to the Greek-Czech investment consortium Emma Delta was signed on 12.08.2013 in the presence of Finance Minister Yannis Stournaras.

Read more: Greece: TAIPED, Emma Delta sign OPAP privatization deal

Economy loses 122 bln over four years

Over the last four years Greek businesses and households have sustained losses of about 122 billion euros in the form of cuts to pay and social benefits, increases in taxes, and the big liquidity drop and deposit outflows suffered by banks, according to Finance Ministry data regarding the development of public spending, direct and indirect taxes and loans and deposits in the banking system.

Read more: Economy loses 122 bln over four years

PDL's Predoiu: USL and Ponta Gov't - a blessing for company liquidators

First deputy chairman of the opposition's Democratic Liberal Party (PDL) Catalin Predoiu criticized in Deva (Hunedoara County, western Romania) the tax policy pursued by the Social Liberal Union (USL) and the government, considering that companies will be driven into bankruptcy by the taxes imposed on companies, whilst liquidators are thriving.

Predoiu said that the number of taxes charged on companies has increased and that the employers are facing difficulties in carrying out their business, which also affects the creation of jobs.

"Over 20 new taxes appeared lately that just kill a company's engines. I am talking to people who tell me: I cannot take any more, if one observes all the rules and pays all the taxes one ends up in bankruptcy for sure. So USL and the Ponta Government are a blessing for liquidators. I have colleagues who are lawyers and act as liquidators. They heartily thank Heaven and say: O God, just keep them going like that, because never in my career as a liquidator have I had so much work to do liquidating companies and filing for bankruptcy," said the PDL leader.

The PDL first deputy chairman also said that the Government's tax policies are "a failure" as concerns the relaunch of small and medium-sized businesses. Predoiu mentioned that he has meetings entered in his agenda with business people from the SMEs sector to work out a project to simplify legislation and reduce labor taxation, with a view to developing the business milieu.

Source: Romanian media

Read more: PDL's Predoiu: USL and Ponta Gov't - a blessing for company liquidators

Romania: Letter of Intent with IMF aims at ensuring sustainable macro-economic balances

The content of the new Letter of Intent with the International Monetary Fund (IMF) aims at ensuring the sustainable macro-economic balances and at continuing the economic growth and the purpose of signing a new agreement is not connected with the introduction of new fees and taxes, the Public Finance Ministry (MFP) points out in a release remitted to Agerpres.

Read more: Romania: Letter of Intent with IMF aims at ensuring sustainable macro-economic balances

Greek jobless rate rises to 27.6 pct

Greece's jobless rate rose to 27.6 percent in May from an upwardly revised 27 percent in April, the country's statistics service (ELSTAT) said on 08.08.2013.

It was the highest reading since ELSTAT began publishing jobless data in 2006, and more than twice the eurozone's average reading of 12.1 percent in June, reflecting the impact of a six-year, austerity-fueled recession.

The number of unemployed people increased by 193,668 (a 16.3 percent rate of increase) compared with May 2012 and by 30,558 compared with April 2013 (a 2.3 percent rate of increase), ELSTAT said.

Meanwhile, the country's youth unemployment rate stood at 64.9 percent.

Source: Greek media

 

Read more: Greek jobless rate rises to 27.6 pct

Brazil refused to back more IMF money for Greece

Brazil's executive director at the IMF Wednesday (31 July) revealed he did not support a decision earlier this week for the fund to continue supporting Greece.

Paulo Nogueira Batista’s highly unusual comments came as the IMF the same day said that Greece is facing a €10.9bn gap in its government finances - €4.4bn for 2014 and €6.5bn for 2015.

"Recent developments in Greece confirm some of our worst fears,'' he said.

Read more: Brazil refused to back more IMF money for Greece

Board of National Bank of Romania decides to cut key rate to 4.5pct per annum

In its meeting of 05.08.2013, the Board of the National Bank of Romania decided to lower the monetary policy rate to 4.5 percent per annum from 5.0 percent, starting with August 6, 2013, the Central Bank informs in a press release remitted to AGERPRES.

Read more: Board of National Bank of Romania decides to cut key rate to 4.5pct per annum

Romania Agrees 4bn Euro Loan With IMF, EU

Bucharest has agreed with the International Monetary Fund and the European Union on a new four-billion-euro precautionary loan aimed at insuring against any economic upsets.

Read more: Romania Agrees 4bn Euro Loan With IMF, EU

Bulgarian Railways Mark 125th Anniversary amid Fears of Privatization

Bulgarian citizens have organized an informal celebration of the 125th anniversary of the Bulgarian State Railways (BDZ) and protested against the company's possible privatization.

Read more: Bulgarian Railways Mark 125th Anniversary amid Fears of Privatization

Air Serbia Takes Off

One of the last symbols of the old Yugoslavia, its national carrier Jat Airways, has been transformed into Air Serbia after a contract signed with the Emirates' Etihad.

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Montenegro Struggles to Tackle Budget Problems

Montenegro’s finance minister has withdrawn a proposal to rebalance the budget to enable the state to pay off a huge loan for a struggling aluminium plant.

Read more: Montenegro Struggles to Tackle Budget Problems

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