The Slovenian government reacted to the rating downgrades almost insulted, claiming that its data suggest the situation is not as bleak as the forecasts of those who do not know the details.

But the details one sees in real life are as bleak as the statistical data: crumbling health care, education and public finances give the impression that the country is bursting at the seams while the government is preoccupied with staffing supervisory boards and appointing directors, Večer comments.

The banks, brought to their knees, are only a part of the problem, the other part is the state of mind in this country - that also informs affects ratings, Večer says in "In the Rating Spiral".