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Slovenia Weekly

Yes to solidarity, but not at any cost

03.07.2015

These days, everyone in Europe is talking about Greece. Unfortunately, they are not talking about the beauty of its islands or the sea, which would be appropriate in the hot summer, but its financial and political situation.

According to Eurostat, Slovenia is the most exposed country in terms of the share of GDP. “Slovenia has been and remains constantly committed to this, based on the principle of solidarity,” PM Miro Cerar said at yesterday’s press conference about Slovenia being ready to help Greek citizens in a difficult situation, adding that the Greek government should show that, in return, it is willing to make reforms.

Slovenia can express this expectation with all credibility, as it faced the possibility of taking a troika bailout less than two years ago. At the time, the government of Alenka Bratušek had to draw up comprehensive austerity measures and convince the international community that it was prepared to swallow the bitter pill of structural reforms and in this way exit the crisis on its own.

We have had turbulent years, marked by political and financial instability, but the data published by national and international institutions in recent months and the recent improvement in the credit rating show that the decisions taken in the past were correct.

Slovenes, who traditionally cherish ownership, find it hard to understand why prime Slovenian companies are being sold. But like the recapitalisation of banks, corporate deleveraging, structural reforms, etc., privatisation is only one of the measures required to ensure more permanent and stable growth. Yesterday, finance minister Mramor said that financial markets had assessed Slovenia’s work positively, as it is once again regarded as a financially stable country.


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