As critical talks on Greece’s debt swap
break up in utter disarray “pause for reflection”, the Death Star moves on to Slovenia, where that country’s parliament is struggling to choose a new prime minister, at not exactly the best of times. The Economist has the details:
The first ex-communist country to join the euro, Slovenia is struggling with increasing debt and the threat of further cuts to its credit rating. Interest rates on its debt have soared above 7%. The export-dependent economy is close to recession. Without political leadership Slovenia’s spreads will surely widen further still.
Slovenia urgently needs to cut public spending to comply with the euro zone’s proposed new fiscal pact, proposed by Germany and France as they seek to stem the sovereign-debt crisis in Europe. But austerity measures are deeply unpopular.
Ah yes, “outsiders.”