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Latinovic: Signs of "greek syndrome" in RS

28. June 2011. | 09:17

Source: Fena

Accumulated deficit of budget of RS, which amounted 666.69 million KM on December 31 2010, caused sharp reaction of opposition in National Assembly.

Accumulated deficit of budget of RS, which amounted 666.69 million KM on December 31 2010, caused sharp reaction of opposition in National Assembly.

Member of SDS Zoran Latinovic reminded that there was deficit of 283 million last year alone, and if 384 million from the previous period is added to that, total deficit is around half a billion dollars.

“Government of RS keeps trying to convince people there are elements of macro-economic stability, but all indicators show stagnation of economy. That is why government is formed for extinguish “fires” in public sector by palliative measures, like the case in “Railway”, Latinovic said.

There are signs, he said, of illiquidity of banking sector, so Government recently did recapitalization of two private banks and one insurance company, whereas Krajina insurance is going to illiquidity where the state capital is.

"That shows that the Government lost its compass and does not have strategy of further development”, Latinovic warned convinced that RS will face many social and economic problems this year as well.

He criticized debts in RS which are becoming more common, assessing that “there are signs” of “Greek syndrome” in that entity.

Last year entity government managed to get back 109 million of foreign loans and 64 million of “local” debts, but at the same time it took new 177 million KM.

“We return the existing loans with the new ones, and Government will probably have to regulate budget deficit in this year as well”, Latinovic said.

Without the fast exit from current situation, he concluded RS will face similar situation like in Greece which has to sell its most important resources, probably in energy and wood processing sector.


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