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EU’s Rehn Doesn’t Expect Slovenia to Request Financial Rescue

Slovenia’s efforts to tackle its fiscal deficit, including a pension overhaul, will help the country avoid having to request financial assistance, Monetary Affairs Commissioner Olli Rehn said.

Slovenia, the first post-communist nation to adopt the euro six years ago, is grappling with its second recession in three years as Prime Minister Janez Jansa’s Cabinet works on an economic overhaul and savings measures to avoid becoming the sixth euro-region nation to seek an international bailout.

Implementation of the plan has been jeopardized by a row within the governing coalition. Two coalition partners of Jansa’s Slovenian Democratic Party have called on him to resign after Goran Klemencic, the head of Slovenia’s anti-corruption authority, said Jan. 8 that the premier failed to declare “more than 200,000 euros” ($265,260) worth of private assets.

“The country is taking action to address its economic and fiscal problems, which includes also a very important pension reform,” Rehn said at the European Policy Centre in Brussels today. “I can only hope that the current political turmoil will be not long-lasting and the country can ensure that it has political stability and economic sustainability for the sake of its citizens very quickly.”

Yields on Slovenia’s Eurobond maturing in 2022, sold in October, fell 3 basis points to 4.644 percent at 11:50 a.m. in the capital, Ljubljana, according to data compiled by Bloomberg. Slovenia’s blue chip index SBITOP dropped 0.13 percent at 11:26 a.m. in Ljubljana to 666.65 points.

Protest Call

The cost of insuring the debt with credit-default swaps rose more than 1 basis point to 214, according to data compiled by Bloomberg.

Slovenia has seen weeks of occasionally violent protests against austerity and alleged corruption. Slovenian newspaper Delo said protest organizers issued a Facebook call for a “loud but peaceful” nationwide protests at 4:30 p.m., calling for the creation of a transitional government for six months to prepare for new elections.

The board of Jansa’s party “unanimously rejected” the coalition partners’ offer to form a “technical government,” the party said on its website today after a leadership meeting. Out of 285 party board members, 281 backed Jansa as their leader. Jansa gave coalition partners a Jan. 14 deadline to decide whether they want to stay in his government, News portal reported.

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