EU to Deliver Verdict on Slovenia’s Plan to Avert Bailout

The European Commission said Slovenia’s overhaul plan to avoid becoming the euro area’s sixth bailout nation is on the right track and the country must be ready to provide more capital for its ailing bank industry.

The European Union’s executive arm extended the budget deficit deadline for Slovenia to 2015, according to a document released in Brussels today. The commission said the country needs a timetable by September for its banks to sell assets. The EU also called for an independent review of its banking system and recommended that an adviser be found for this by next month.