News Feature

'New Deal' for Croatia

12 November 2008

The Croatian president has unveiled a plan which will help the country avoid the financial crisis engulfing the rest of the world.

Stjepan Mesic told an annual conference of economists in Opatija that a national strategy is the best way for Croatia to tackle the challenges created by the current economic climate, according to b92.net.

Mr Mesic said a new economic and development plan will be the basis of a new programme which was compared to the US New Deal.

The president claimed the country's bank, HNB, has made preparations for the crisis and has looked at ways to protect the nation's financial system for several years.

Addressing concerns that foreign banks operating in Croatia could sell off their local branches, Mr Mesic said "Money deposited in banks belongs to the Croatian economy, citizens and state."

He also called for profit generated in the country to remain there and said it may be necessary to ask for money earned in Croatian to be reinvested in the short term, the news provider reports.

Last month, the US officially endorsed Croatia's membership into Nato and applauded the country's choice to seek responsibilities on the international stage.

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