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Reply #50: Croatia Dreaming of no-strings membership [View All]

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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-02-11 09:08 AM
Response to Reply #23
50. Croatia Dreaming of no-strings membership

Croatia is not Greece or Spain. Prime Minister, Mrs Jadranka Kosor, is neither George Papandrou or Jos Luis Rodrguez Zapatero. The leader of the social-democrat opposition, Zoran Milanovic, is certainly not Lucas Papademos, Mario Monti or Mariano Rajoy.

The debt, unemployment, recession and endless political scandals that have rocked Croatia, a modest Mediterranean country on the edge of Cental Europe, which is now knocking on Europes door, clearly have no influence on the fate of the euro. Even Der Spiegel, which is renowned for its critical positions, is convinced that Croatia still deserves its ticket to Europe, which has not been obtained without effort.

The economic situation in Croatia is getting worse, but, Europe and Washington, faced with much more serious problems, are not unduly bothered that Croatias public debt is very close to the limit authorised by the criteria for euro convergence (it has already reached 57% of GDP). Nor that unemployment continues to rise, even at the height of the tourist season, and that Croatia has not reported any sign of economic recovery. And finally, that its sovereign bonds, which are already offering yields of close to 7%, will be severely tested for the first time on 15 March.

Not yet on the brink of bankruptcy

Croatia is close to (if it has not exceeded them already) the indicators that prompted the European crisis, even if it has less debt than Greece, fewer jobless than Spain where unemployment is setting new records, and lower rates of interest on its sovereign bonds than Italy. In fact, Croatia has less debt than most Eurozone countries, but growth has ground to a halt, reforms along with investment in new technologies have been frozen, and investors have turned their backs.

*** :eyes:
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