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Emerging Markets Special Focus Reports

03 August 2012
• The new coalition government will be confronted with significant fiscal challenges in the period ahead as the budget deficit is derailed and the precautionary IMF agreement is still broken
• Serbia is on the brink of a fiscal crisis if no adequate consolidation measures are taken: the general government deficit will most probably exceed 6% of GDP and public debt will reach 55% of GDP in 2012 • On August 3rd, NBS Governor Mr Dejan Soskic resigned from his post over legislation which in his opinion limits Central Bank independence
• The freezing of the precautionary IMF agreement, increased fiscal outlook risks, the uncertainty in the political landscape for three months and the negative market reaction to NBS Governor’s resignation led Dinar to trade at historic lows
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