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Slovenia May See a Greek Scenario on Failure to Start Savings

Slovenia may see a Greek scenario developing for its public finances if the euro-region nation fails to adopt savings measures, central bank Governor Marko Kranjec said in an interview with Delo newspaper.

“If we don’t get serious and adopt savings measures, we may see a similar scenario that the Greeks are going through, when measures will be dictated by foreigners,” Kranjec said in the interview with the Ljubljana-based newspaper. “It’s better to do it ourselves than have these measures enforced from outside the country.”

The government of Prime Minister Janez Jansa proposed to cut spending by about 800 million euros ($1.07 billion), which will help narrow the budget gap to below 3 percent by the end of the year after the shortfall widened to 6.4 percent last year, according to the Slovenian statistics office.

“At the last session of the European Central Bank in Frankfurt we have also discussed an analysis on the quality of the statistics of public finances,” Kranjec, who’s also a member of the ECB’s Governing Council, said. “Slovenia along with Greece was pointed out as the country where the reliability and the quality of budget deficit data is problematic.”

Kranjec said the Slovenian economy is forecast to shrink 1.2 percent this year. That compares with the 0.9 percent estimate by the government’s economic institute.

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