German Minister: A New Financial Crisis Poses a Threat to the World Economy
The world economy is facing the risk of a new financial crisis, warned German Finance Minister Wolfgang Schauble, quoted by the electronic edition Politico.
Financial Crisis Cancels Christmas Celebrations in Croatia
Business | November 17, 2008, Monday // 00:00
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The Government of Croatia has banned Christmas and New Year parties in the public sector because of the global financial crisis, BBC reported.
State-run firms and organisations have also been told that they won't be allowed to dip into their funds to buy Christmas presents.
The ban follows a proposal to freeze public-sector salaries next year.
In an attempt to reassure the people of Croatia, Prime Minister Ivo Sanader said there was no need for panic, but warned that the country needed to take the financial crisis seriously.
"For that goal we forbid buying of Christmas and New Year's gifts as well as organising of Christmas and New Year's receptions," said Mr Sanader.
Croatia's economy relies heavily on income from the tourist industry and there are fears that visitor numbers will drop sharply in 2009.
State-run firms and organisations have also been told that they won't be allowed to dip into their funds to buy Christmas presents.
The ban follows a proposal to freeze public-sector salaries next year.
In an attempt to reassure the people of Croatia, Prime Minister Ivo Sanader said there was no need for panic, but warned that the country needed to take the financial crisis seriously.
"For that goal we forbid buying of Christmas and New Year's gifts as well as organising of Christmas and New Year's receptions," said Mr Sanader.
Croatia's economy relies heavily on income from the tourist industry and there are fears that visitor numbers will drop sharply in 2009.
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