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Economic crisis in Slovakia affecting payment discipline

A negative influence on payment discipline of Slovak businesses is unfolding due to the economic downturn, reported the SITA newswire, based on a survey carried out by the company Intrum Justitia, a provider of credit management services in more than twenty European countries.

A negative influence on payment discipline of Slovak businesses is unfolding due to the economic downturn, reported the SITA newswire, based on a survey carried out by the company Intrum Justitia, a provider of credit management services in more than twenty European countries.

According to the survey the payment discipline index in Slovakia rose by three points to 160 points, thus reaching the levels of 2007. The latest figures show that the risk of late payments compared with 2008 is on the rise in all sectors of the Slovak economy, SITA wrote.

Payments to the general government sector show the most significant signs of delay, in which the time in which payables are paid has doubled from seven to fourteen days, Intrum Justitia said. Because of late payments, thirty percent of the surveyed companies said they had to cover an additional interest charge, 38 percent mentioned lost revenues and 39 percent reported a decrease in liquidity due to late payments. SITA

Compiled by Zuzana Vilikovská from press reports
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