SaS: Investment Lowest among V4 Countries, Slovakia Needs Rightist Gov't

Bratislava, 7 November (TASR) - The purchasing power of Slovaks remains low, with savings at a record low, while businesses are struggling under the burden of bureaucracy, taxes and unstable government decisions, opposition Freedom and Solidarity (SaS) party leader Branislav Groehling told a press conference on Friday, adding that Slovakia needs a rightist government. Conversely, the level of investments is the lowest among the Visegrad Four countries [V4: the Czech Republic, Hungary, Poland and Slovakia], and industry is completely stagnant. "At the same time, our deficit is among the highest in Europe, the general government debt is growing at a record pace, and the government, instead of addressing the situation, is boasting about some achievements, claiming that people do have money and go out shopping," said Groehling, adding that businesses are being squeezed hard by the government's measures, thus affecting employment and real salaries. In combination with increased government spending, the poorly designed fiscal consolidation measures, which are being paid for solely by the public and companies, have destroyed economic growth and boosted inflation significantly, added SaS vice-chair Marian Viskupic. He also pointed to the rising cost of servicing the government debt. "Everything that businesses and people have contributed to the state via consolidation, higher taxes and higher levies is basically being spent on servicing the government debt — and the situation will get even worse," he said, adding that debt repayment will cost Slovakia more than €2 billion in instalments next year. Continued interest among investors in Slovak government bonds can't be called a success, stated Viskupic. "When interest rates are much higher than in the past, investors may still want to buy Slovakia's bonds — but once again, that's not a success," explained Viskupic, calling the situation tense. jrg/df