Spectator on facebook

Spectator on facebook

Slovak PM vows to stick to predicted 5.5-percent deficit in 2010

The plan to cut Slovakia’s public-finance deficit to 5.5 percent next year is binding for the cabinet and will be met, prime minister and Smer party leader Robert Fico said on Tuesday, November 3, in the wake of the latest forecasts by the European Commission, which expects Slovakia's deficit to reach 6 percent of GDP in 2010.

The plan to cut Slovakia’s public-finance deficit to 5.5 percent next year is binding for the cabinet and will be met, prime minister and Smer party leader Robert Fico said on Tuesday, November 3, in the wake of the latest forecasts by the European Commission, which expects Slovakia's deficit to reach 6 percent of GDP in 2010.

“The Smer party doesn't want to retire in political terms next year, but wants to win the election in a manner that will ensure that it will set up the government. Why would we draw up a budget that would be a kind of a landmine for us?” Fico said, as quoted by the TASR newswire.

The European Commission's current evaluation didn't take into consideration Slovakia's state-budget proposal for 2010, currently being discussed by parliament, Fico said. If it had, he argued the prognosis would have estimated the deficit at 5.5 percent of GDP. Finance Minister Ján Počiatek added that future reports drawn up by the Commission will take into account Slovakia's budget, with the estimates set to predict better developments for Slovakia than is the case in the latest report. The expected rise in Slovakia's debt to 40 percent of GDP is no problem for the country, said the minister. In this context, Fico pointed to Slovakia’s ranking within the EU and the eurozone.

Compiled by Zuzana Vilikovská from press reports
The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.

Top stories

Keep your passport at hand on your trip to Austria

There are no internal border controls on the Austrian-Slovak border. Yet, the Austrian police check cars and buses heading to Slovakia.

Slovak police checking cars at the border crossing in Berg, Austria.

Bratislava ice stadium will require €2 million

At the same time, its tenant, ice hockey club Slovan, owes some €1 million in rent.

The Ondrej Nepela ice-hockey stadium during 2011 ice hockey world championship.

Who do Slovaks marry the most among foreigners?

Mixed marriages are still quite rare among Slovaks compared to elsewhere in the EU. Slovak women are more likely to marry foreigners than Slovak men. Here is why.

Italy points to “illegal state aid” as Embraco announces relocation to Slovakia

The decision to shift production follows in the footsteps of US conglomerate Honeywell, which reportedly also plans to close its Italian plant and move to Slovakia.

Embraco plant in Spišská Nová Ves