CONFERENCE ON ECONOMIES IN TRANSITION STARTS IN DUBROVNIK

DUBROVNIK, June 29 (Hina) - The sixth conference on economies in transition started at Dubrovnik's hotel 'Argentina' on Thursday. The two-day event, organised by the Croatian National Bank (HNB), has gathered some 60 participants from several European countries and the USA. Also present are represnetatives of the World Bank, International Monetary Fund, and last year's Nobel prize winner for economy, Robert Mundell. The conference, which focuses on the exchange-rate policy and the financial vulnerability of emerging markets, was opened by Deputy Prime Minister Slavko Linic. Speaking about the current situation in the Croatian economy, Linic said he was shocked at statements by some scientists who claimed no bankruptcies should be initiated in Croatia. "We must understand that bankruptcy is a necessary evil between debtors and creditors who have not settled claims, and the Croatian government is struggling to save jobs and companies," Linic said. Croatia will continue the policy of macroeconomic stability and a stable kuna, and this meeting, like the five previous ones, is a platform for analysing the basic trends in economies in transition, Linic said. Finance Minister Mato Crkvenac spoke about the direction of Croatia's economy, stressing the government was closely cooperating with the IMF and talks were leading toward positive results, which are expected in autumn. (hina) jn rml