ECONOMIC OUTLOOK: National Bank Warns Public Debt up to 60% GDP; S&P Revises Croatia’s Outlook to Negative

In its regularly quarterly reporting, the Croatian National Bank (HNB) warned the government that public debt could reach €26.4 billion, nearing 60% of GDP, by the end of 2013. Consequently, Croatia as an EU member state could come under the Excessive Deficit Procedure (EDP), which would put further financial restraints on the country’s already staggering economy…

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