The Slovenia Times

Finances Motion Unfit for Further Reading?


The Finance and Monetary Committee will propose the plenary to reject the legislative motion at the extraordinary session on Thursday because it believes the document is poorly crafted.

Such a decision was proposed by Marko Pogačnik of the Democrats (SDS) and backed by fellow MPs from other parties of the incoming government coalition.

Pogačnik said that the motion would create more confusion than good and that the parliamentary legislative service had raised objections to more than half of its articles.

"[The document] has been drawn up pretty carelessly," Bojan Starman of the Virant List agreed, calling for a new motion to be crafted as soon as possible.

But Matevž Frangež of the Social Democrats (SD) and Alenka Bratušek of Positive Slovenia (PS) protested that party leaders had agreed that the law was necessary and should be passed as soon as possible.

The original proposal capped public debt at 48% of GDP and state guarantees at 20% of GDP, but the government changed it by setting a debt ceiling of 60% with the introduction of safety measures when debt reaches 40% of GDP.

The failure to adopt the motion will be a very detrimental message to financial markets, Frangež said, adding that the new coalition would not contribute to increasing Slovenia's credibility in this way.

Finance Ministry State Secretary Mateja Vraničar too warned of the potential consequences of the rejection of the motion on Slovenia's credit ratings and the yield on the country's bonds.

She said that the outgoing government had drawn up the motion to secure a legal framework based on which the new government could then draw up further measures as soon as possible.


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