Spectator on facebook

Spectator on facebook

ECONOMIC BRIEFS

Fitch IBCA downgrades forex rating

Fitch IBCA, the international rating agency, on October 7 placed Slovakia's 'BBB-' long-term foreign currency rating on RatingAlert negative pending a review of recent political and economic developments. The 'A-' local currency rating is also subject to the RatingAlert announcement.

The agency recognised that the recent elections are likely to bring to power a new government in a position to improve relations with the international community and return Slovakia into the mainstream of the EU accession process.

The recent devaluation of the crown will aid external adjustment but cannot carry the entire burden, said the agency. In the absence of an accompanying fiscal adjustment package, Slovakia risks being forced into a severe recession as a loss of confidence ends the availability of external finances.

The agency added that appropriate action could allay the risk of a foreign exchange crisis in the short-term. However, this risk would inevitably emerge again later unless the authorities could re-inject impetus into the process of structural reform.

Top stories

Man who abducted the president’s son speaks out

The testimony of the former secret service agent could be of importance in a court process against the ex-spy boss.

Former SIS director Ivan Lexa

Press freedom is bleeding across our borders

Critical media are always the first targets of populists and press freedom enemies.

Foreigners: Top 10 events in Bratislava Video

Tips for the top 10 events in the capital between January 19 and January 28, plus regular services in different languages, training, temporary exhibitions and highlights of the year.

Scandi 4

Crematorium in Bratislava is an architectural revelation Photo

Those who have experienced farewells in other crematoria know what makes it special. Now the best work by the architect Ferdinand Milučký is getting a monograph

Crematorium in Bratislava by architect Ferdinand Milučký