After a request by Serbian bank AIK Banka, which holds about 33% in the Slovenian Gorenjska Banka (bank) a shareholders’ meeting will take place on July 20, so that they “vote on new members of the supervisory board, distribution of profit and change of the articles of association”, STA reads.
The need to vote for new members is acute because the terms of two of them expire in coming August and one resigned last year.
STA adds that “the new supervisors, if the proposal is endorsed, will be appointed for five-year terms as of 29 August.
The vote on the shareholders’ meeting will show whether the Serbian bank has a controlling interest in Gorenjska Banka, considering that Sava as the major shareholder has had its voting rights suspended.”…. / IBNA
Share with your friends:
Facebook Twitter Google + Pinterest Related Topics: Continue Reading
You may like
Balkan News
fYROM: On September 9 or 16 the referendum on the name agreement
According to the Skopje newspaper, “Nezavisen Vesnik” (published by IBNA Group), the parliament of fYROMacedonia is expected to officially launch the referendum on the name agreement in mid-July.
Well-informed sources reported to the newspaper that the referendum question would be drafted in a way that would link the name agreement to the country’s NATO and EU membership – for example. “Do you agree with the name change with a view to EU membership and NATO?” – and they believe that the outcome of the European Council at the end of June and the NATO summit on 11 and 12 July will be such that it will strengthen the positive attitude of the citizens towards the agreement, as a document that will lead to the disengagement of the Euro-Atlantic perspective of the country.
According to the report, political circles in Skopje consider September 9 – the day after the celebration of the 27th anniversary of the independence of the country (8 September) – to be the most likely date for the referendum in, as the current legislation provides that referenda can only take place on Sunday. If it is estimated that it is unrealistic to link the referendum to the anniversary of the independence of fYROMacedonia, the newspaper adds, then the following Sunday, September 16, is mentioned as an alternative date.
“Although Prime Minister Zoran Zaev has said that the referendum could take place in early October, the first weeks of September are seen as a more likely date, in order to have more time to implement the changes to the constitution envisaged in the agreement with Greece”, the newspaper reports.
It adds that in this context, political parties have already begun to prepare their referendum campaigns. Generally speaking, the ruling coalition parties are expected to underline the importance of the agreement on the European perspective of fYROMacedonia, while the main opposition party will oppose the agreement.
What’s more, the newspaper notes that VMRO-DPMNE President Hristijan Mickoski’s statements about the party’s participation in the referendum create optimism to reach the threshold for participation (50% of those enrolled in the electoral roll) needed for the referendum be valid.
However, according to the newspaper, party sources are afraid of a “silent boycott by the opposition”, adding that for this reason there are thoughts to call the referendum as advisory, but with a binding effect. What this practically means is that even if the 50% threshold is not reached, the referendum will be seen as an expression of popular will and will determine whether fYROMacedonia will proceed to the next steps envisaged in the agreement, namely the amendment of the constitution, or if the agreement becomes void.
The newspaper recalls that two referendums have been held in the country so far. The first, in 1991, led to the proclamation of the independence of fYROMacedonia. The second took place in 2004, at the initiative of citizens, and concerned the new administrative chart of the country promoted by the then government. The then ruling party of the Social Democrats and Albanian parties had boycotted that referendum, which was not successful as only 27% of those enrolled in the electoral rolls participated./IBNA
Share with your friends:
Facebook Twitter Google + Pinterest Continue Reading
Balkan News
Liberia does not recognize Kosovo “for the time being”
Liberia has withdrawn its recognition of Kosovo’s independence, in order to support the solution which would be reached through “peace process”, said Gbehzohngar Milton Findley, foreign minister of the African country. His government will support the solution agreed by Belgrade and Pristina, Findley added.
Liberian government is interested in peace process initiated by the European Union, he told Radio-television of Serbia. “We believe that this region should deal with this issue of dispute… This process (Belgrade-Pristina talks) must lead towards the solution; Liberia will follow it”, Findley underlined.
Both Kosovo and Serbia have to participate in this process of peace, he went on. “Liberia does not believe in violence. We have to continue to support peace initiatives”, Findley said, specifying that his country does not recognize the independence of Kosovo “for the time being”. “However, we are going to recognize the decision which will be the result of negotiations”, Findley explained.
“We had recognized the independence of Kosovo in the level of ambassadors; afterwards, we withdrawn that and said (to Belgrade and Pristina): ‘You should turn to peace process, and we will recognize the decision you will reach”, Liberia’s foreign minister elaborated.
Liberia was the first African country with which former socialist Yugoslavia established diplomatic relations. In that context, according to accounts, Monrovia wants to continue good relations with Serbia as the successor of Yugoslavia.
“Liberia and former Yugoslavia had long standing cooperation since 1960s and we would like to renew these relations”, Findley, who is visiting Serbia, said.
During the visit, the representatives of Serbia and Liberia signed six agreements in the domains of agriculture, diplomacy, tourism and education.
“We want to establish a link with Serbia for the benefit of both countries and peoples”, Gbehzohngar Milton Findley concluded./IBNA
Share with your friends:
Facebook Twitter Google + Pinterest Continue Reading
Balkan News
Greece’s gains from the debt relief agreement
The debt relief agreement struck at the Eurogroup meeting puts an end to uncertainty and guarantees Greece’s return to European normality, according to government sources. “The 21st of June 2018 will go down in history as a great day for Greece and Europe. This is recognized by all credible international analysts” the same sources point out.
However, they note that all the above does not mean the country must abandon the reform effort and fiscal balance. “It means thought that Greece is definitely leaving behind the memoranda and austerity for good. It means sacrifices did not go to waste. It means a new dawn for the Greek people” they add.
In detail, Greece’s gains from the debt relief agreement, according to government sources, are the following:
Financing “breather”
- 10 year grace period for the repayment of its EFSF loan, which means freezing of capital and interest payments until 2032. 10 year extension of EFSF loan bond maturities (that is for about 100 million euros). It means that the weighted average maturity of the bonds on this loan rises from 22 to 32 years. These bonds would begin to be repaid in 2023 and begin to expire in 2033.
Cash buffer amounting to 24.1 billion euros
- A 15 billion euro disbursement that will increase the Greek government’s cash buffer to 24.1 billion euros (previous ESM disbursements to be added to funds raised from tapping markets). This means the country’s financing needs are covered for at least the next two years, even in the worst case scenario that new bonds are not issued. Therefore, the government can plan its forays into the markets without any pressure and solely on the criterion of optimal management of Greek debt and not to serve obligations. This development marks the definitive end of the debate on the need for a credit line, as this is already available to state coffers without commitments tied to possible disbursement of funds.
Profits worth 4.8 billion euros returned
- Return of ECB and other Eurozone central banks’ profits, worth 4.8 billion euros, will return to Athens in 4 annual or 8 six-month installments. A prerequisite for disbursing this money is to achieve the objectives and meet the commitments outlined in the Eurogroup decision.
The return, on an annual basis, of 1.2 billion euros to cover growth or other financing needs, will allow for additional budgetary space as the primary surplus target remains at 3.5%, but we will have an annual return of 1.2 billion euros.
No new program
- What commitments are there? Is it a new MoU?
Clearly not. The primary commitment is to achieve the 3.5% primary surplus target through to 2022. The remaining commitments concern the continuation of program reforms, such as the integration of insurance funds, the independence of the Greek statistical authority and the authority for public revenues. Note that there is no commitment to implement fiscal measures. This simply means is only committed to delivering a robust 3.5% primary surplus. The means to achieve this target are now up to the Greek government.
The review process is also finishing. The monitoring of the Greek economy will be carried out via visits by the institutions, who will draft reports that may contain recommendations to the Greek authorities, as is the case with all the other countries that have concluded programs.
- What the agreement achieves
The gross financing needs of the country over the medium term will not exceed 15% through to 2042 and 20% thereafter. This is one of the lowest rates among Eurozone countries.
This way, in the next few years Greece can focus on growth policies without the constraint of having to service its debt, and take a breather in fiscal terms, while at the same time market confidence in Greece credibility is ensured along with a 15-year path for investors to take./IBNA
Share with your friends:
Facebook Twitter Google + Pinterest Continue Reading
Balkan News
Vienna Initiative: Albania has made progress with NPLs
A recent report by Vienna Initiative drafted by the World Bank, IMF, EBRD and European Commission has pointed out the fact that Albania has made progress in reducing NPLs.
According to this initiative, Albania and Serbia are the two countries with the biggest decline in NPLs. In Albania, NPLs have fallen by 6.5% and in Serbia, it has fallen to 7.3%.
However, despite the progress registered by these institutions, Albania remains one of the countries with the highest percentage of NPLs in the region with 14.8%.
Croatia, Serbia, Bulgaria and Bosnia and Herzegovina are among the countries with NPLs higher than 10%. /ibna/
Share with your friends:
Facebook Twitter Google + Pinterest Continue Reading
Balkan News
OP-ED/Who are we going to fill the country with?
This article has been written for Albanian Free Press newspaper and www.albanianfreepress.al
By Plator Nesturi
Parliament is completely losing its function. It’s been several months that no normal session has taken place, although at the end of the day, we learn that bills have been passed. It’s been so long that we have not seen a debate on particular bills. Therefore, parliament is lacking transparency and we don’t even know if these bills serve the interests of society or not.
In parliament, it’s the opposition’s job to do this. At least, this is the case for many countries. Political parties should debate not only on daily topics, but also on the way the future will be managed. Parliament is the place where laws should be discussed along with government incentives and this clash of opinions provides a general perception if things are going well or not, or whether the situation is in a gridlock.
Instead of this, we’re seeing a repeated scene of fake conflict, where nothing is solved and where parliament is emptied out within an hour. The opposition resembles an army which insults the opponent from far away, pledges that it will do many things and then abandons the battlefield. It’s been several months that the opposition’s cause was the one against the Interior minister. The only thing that it has requested is his resignation. As if this is the only problem that the country has. Recently, we’ve also seen the issue of the theater, but this has only turned into a show at the parliamentary committee chaired by the opposition. Nothing more.
Recently, more than the issue of accession talks, what has turned into a real concern about the public is the news on the possibility of setting up camps for refugees coming from the Middle East. What’s more, there’s no official explanation. Foreign media write about it, while here, we don’t know who will visit us. If this issue needs to be clarified, it’s the opposition’s job to ask the necessary questions and parliament is the best place for this. However, nothing is being shed to light there.
What’s interesting is the fact that instead of issuing an official statement in Parliament regarding this issue, he does this by replying to a comment made by a citizen on Facebook. It’s a good thing that we have Facebook and the PM has plenty of time to respond to the comments made by his fans, otherwise, we would remain oblivious about everything. It’s better than having no statement by him at all. The opposition is not capable of obliging the PM to provide answers. The socialist whip is the only one that could provide answers for the opposition.
In this political chaos, there’s no motivation. Citizens lose hope for the future and don’t know who to trust. For this reason, the only thing that they can do is to leave. Albanians continue to leave the country. Recently, 500 Albanians have been deported from countries such as France, Belgium and Germany. But this doesn’t seem to have discouraged people from fleeing. Meanwhile, politicians continue to declare that they’re consolidating the state. However, Albanians continue to leave. They flee, although they know all too well that their chance of being granted a status is very slim, because they know we are considered a safe country and for this reason, they will be deported.
Every government has a duty to preserve the image of the country and in our case, the fact that European countries are filled with Albanian asylum seekers, tarnishes the image of the state. The message coming from abroad is that the government is not being able to guarantee a future for its people and exploit the capacities of these people who are obliged to offer their contribution outside the borders of the country. But, what is being done for these people who want hope and jobs, attention and service, in order for them to contribute for their country and not only appear as excess labour force? This is not done by announcing employment figures, but by offering programs and solutions. And this is done by asking people about their daily problems. Albanians should not learn what’s happening in here from foreign media. For as long as this situation continues to be the same, Albanians will continue to leave and make this country an empty one for others to come.
Note: The views expressed in this article are the author’s own and do not necessarily reflect Albanian Free Press’ editorial policy
Share with your friends:
Facebook Twitter Google + Pinterest Continue Reading
