ANOTHER YEAR OF FISCAL BELT-TIGHTENING

February: The top business stories of 2012

Slovakia’s government bond rating downgraded. Moody’s Investors Service downgrades Slovakia’s government bond ratings to A2 from A1. The outlook changes to negative. The agency justifies its decision by pointing to the uncertainty over the prospects for institutional reform in the eurozone and the weak macroeconomic outlook across the region. Another factor is Slovakia’s increased susceptibility to financial and political event risk, presenting considerable challenges to achieving the government’s fiscal consolidation targets.

Slovakia’s government bond rating downgraded. Moody’s Investors Service downgrades Slovakia’s government bond ratings to A2 from A1. The outlook changes to negative. The agency justifies its decision by pointing to the uncertainty over the prospects for institutional reform in the eurozone and the weak macroeconomic outlook across the region. Another factor is Slovakia’s increased susceptibility to financial and political event risk, presenting considerable challenges to achieving the government’s fiscal consolidation targets.

Parliament approves law on salaries for nurses. The aim of the law is to prevent the salaries of nurses and midwives from falling under a certain level, between €640 and €928 per month, depending on experience. In July the Constitutional Court suspends the law, but as of late December 2012, it has yet to rule definitively.

Financial Administration director dismissed due to malfunctioning IT system. Finance Minister Ivan Mikloš dismisses Igor Krnáč from his post as head of the Financial Administration due to his failure to handle implementation of a new information system to be used by the Financial Administration, resulting in chaos in collecting and administering taxes in Slovakia. Also, Miroslav Mikulčík is dismissed from his post as director of the Financial Operations Competence Centre at Slovakia’s Financial Administration due to persistent problems with the information system used in tax administration.

March: The top business stories of 2012

April: The top business stories of 2012

May: The top business stories of 2012

June: The top business stories of 2012

July: The top business stories of 2012

August: The top business stories of 2012

September: The top business stories of 2012

October: The top business stories of 2012

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