Serbia Faces 'Total Bankruptcy' - Report

World | July 1, 2012, Sunday // 17:52| Views: | Comments: 0
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Bulgaria: Serbia Faces 'Total Bankruptcy' - Report Ivica Dacic, an associate of former Yugoslavian dictator Slobodan Milosevic, is about to become Serbia's new Prime Minister. Photo by EPA/BGNES

Serbia is facing "total bankruptcy" unless its future government manages to procure at least EUR 4 B in FDI per year, according to a report of Serbian magazine "Presmagazin".

Serbia's Prime Minister-designate Ivica Dacic and his future Cabinet will also be encountering enormous difficulties in convincing foreign investors to put their money into the Serbian economy, says the report, as cited by BGNES.

"According to expert estimates, the country needs EUR 4 B each year in order to be able to patch up its financial gaps, that is, to be able to survive one more year without having to declare bankruptcy," writes Presmagazin.

The report further comments that the future coalition government of the Serbian Socialist Party and the Serbian Progressive Party will have to figure out whether to seek FDI from the EU or from Russia.

If it does fail to attract sufficient foreign investments, Serbia's new Cabinet is expected not to be able to live up to its financial commitments, and will be forced to declare bankruptcy, the Serbian magazine quotes financial experts as forecasting.

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