Serbia Fights Against National Bankruptcy

Politics ♦ Published: October 9, 2013; 07:06 ♦ (Vindobona)

The Serbian government has decided to implement a new austerity package. Above all, civil servants face substantial salary cuts.

Serbia Fights Against National Bankruptcy / Picture: © Vindobona.org

The government of the Balkan nation warns of a national bankruptcy. At the moment, the country has only very limited access to bond markets. However, Serbia has a financial requirement of more than € 4.0bn until June 2014.

One of Serbia´s main problem is the persistently high budget deficit. This year, the country is expected to reach a fiscal gap of 8.3% of GDP. The public…