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Večer - Slovenia | Thursday, August 9, 2012

Slovenia's plight is home-made

Following in the footsteps of Standard & Poor's and Moody's, the rating agency Fitch also downgraded Slovenia's credit rating on Wednesday, bringing it down to just one notch above junk status. The conservative daily Večer is not surprised by the move. "If Slovenia does indeed become the sixth country to seek assistance from the EU bailout fund it only has itself to blame, not the speculators. At a time when the government is taking its 'well deserved' holiday, the yields on Slovenian bonds have again risen above the sustainable level of seven percent. This means that the country - which once dreamed of becoming a sub-Alpine Switzerland - is finding it increasingly difficult to access fresh credit. The government reacted with consternation and surprise to the news that the US rating agencies had lowered the credit rating of Slovenia and its three banks (NLB, NKBM and Abank). ... But the prostrate state of the banks is just one of our problems. The other is the general mood in the country - and that also influences the assessments of the rating agencies."

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