Serbia near bankruptcy? Not quite | beyondbrics

Serbia near bankruptcy? Not quite | beyondbrics:

"Reports of Serbia’s near-bankruptcy are exaggerated. True, the country is in a tight fiscal spot, growing slowly and in need of external help – but the apocalypse is not yet nigh. The government seems to be flagging up long-awaited cuts in the public sector. It is sweetening the pill with the announcement of a loan package worth up to $3bn from the UAE – Serbia’s new best friend – that could make a big difference to the beleaguered country.

Serbia is “virtually on the verge of bankruptcy,” Aleksandar Vucic, deputy prime minister and the government’s chief power broker, told local broadcaster Prva TV on Monday. He added that “measures for economic recovery will be tough and not populist and will affect between 300,000 and 500,000 public-sector workers,” with the aim of making savings of €200m to €300m."

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