Bostjan Vasle News
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Slovenia’s economy will shrink more than forecast as exports to Europe slow and credit dries up because of a struggling bank industry, the government’s economic institute said.
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Slovenia’s next government must cut public spending as the likelihood of the nation sliding into a recession because of the euro region’s debt crisis increases, according to the government’s forecasting institute.
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A rise in Slovenian bond yields since the rejection of pension changes in June probably will hurt public finances, the state forecasting institute warned.
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Slovenia’s inflation rate is set to rise as global food and commodity costs advance, Bostjan Vasle, the director of the government forecasting institute, said in an interview with Delo newspaper.
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Slovenia is pushing to implement austerity measures to lower its borrowing costs, ease access to funding from abroad and spur economic growth, the chief of the government’s forecasting institute said.
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Slovenia will have the only economy among the European Union’s eastern members to contract next year as the country teeters on the brink of needing an international bailout, the European Commission said.
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Slovenian banks “practically” stopped new lending, which will weigh on the country’s economic recovery , the government’s forecasting institute said.
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Slovenia will probably have to review its 2010 budget because of the cost of its portion of the European Union’s bailout loan to Greece, according to the government’s chief economic forecaster Bostjan Vasle.
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Bad loans at Slovenian banks advanced in April to more than 6 billion euros ($7.4 billion), putting more pressure on the fragile banking industry, the government’s economic institute said.
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Slovenia’s central bank said it’s worried that rising inflation pressures may “strongly affect” the country’s economic competitiveness.
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