Crisis Takes Toll on Slovak Firms and Jobs

The Slovak Spectator has two interesting reports on the microeconomic level of the 2009 crisis. The biggest online job market had 50% less job offers in 2009 than the year before. The lack of job supply started in October 2008. The other article reports a 40% increase in bankruptcies. Although bankruptcy could be a part of the 'creative destruction' of a crisis, not in Slovakia: both creditors and owners complain that the Slovak bankruptcy rules give hardly a chance for restructuring the company and also fail to protect creditor's rights.