The Hungarian New Agency reported today that anonymous Montenegrin government officials have talked about a likely loan deal with IMF. The tiny country had embraced the euro unilaterally and applied for European membership. Its economy is under the rule of a few strong men: a Russian-owned steel-maker accounts for 40% of the GPD and the largest local bank is under the rule of the prime minister's (who occasionally sits in the president's seat) brother.
Montenegro is not the only Western Balkan state that needs the IMF facility: Serbia and Bosnia-Herzegovina have received such emergency credit, and it is likely that Albania and Kosovo will need it, too.
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