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Zoran_Milanovic

© European Council

20. 02. 12. - 16:00

20. 02. 12. - 16:00

Credit rating downgrade unless labour law reforms made

Croatian Times

Preserving Croatia's current credit rating directly depends on the willingness of President Zoran Milanovic's government to make labour law reforms.

Global rating agency Fitch believe labour law reforms are the most important obstacle blocking the implementation of key structural reforms, which would allow for running a significantly cheaper country, reported daily news paper Jutarnji List.

Foreign workers are considered to be particularly critical in the situation with public companies, which are believed to have too many employees with excessive privileges. The number of employees and their benefits cannot be reduced while the current labour laws are in effect.

Fitch were relatively satisfied with the numbers in the latest budget, but government representatives did not convince Fitch experts that the budget would actually be realised.

After a series of assurances from the government that it will carry out strict reforms, which will guarantee reduced public spending, Fitch, who initially intended to downgrade Croatia's credit rating, will now issue its new credit rating for Croatia simultaneously with agencies, Moody's and Standard and Poor's, whose experts are due in the country shortly.

Tag cloud downgrade  effect  privileges  employees  rating  laws  Croatia  benefits  reforms  Fitch  government  satisfied  credit  reduced  cannot  convince  relatively  labour  experts  intended

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