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FinMin says citizens need not worry over new borrowing

ZAGREB, Dec 24 (Hina) - Finance Minister Slavko Linic said on Tuesday that citizens need not worry about a new borrowing of EUR 200 million, stressing that it was regular borrowing as part of the state budget and that the state must borrow until there was economic growth and higher employment.

Speaking on Nova TV's primetime news, Linic commented on the government's decision earlier today to borrow 200 million euros to execute this year's budget.

Asked when Croatia would stop borrowing and taking loans since it was still returning interest rates and not yet the capital sums, Linic said the state spent more than it collected in taxes and that it must borrow until it had growth and at least 1.6 million employees.

He said revenues from privatisation were part of the financing account and served to repay loans and that it was not possible to use that money for spending and "buying votes" without a discussion in parliament and a budget revision.

Asked if banks, telecommunications and utility companies would use the possibility to write off or reduce instalments to overindebted citizens as of the New Year, Linic said banks had made the biggest progress in that regard and that he expected them to be the fastest in doing it.

He said debts would not be written off to the wealthy or those who had made bad investments but only to "those whose property means their livelihood."

As for the fact that debt rollover programmes were being offered only to those who did not service their liabilities and that the state did not care about those who regularly paid taxes and other liabilities, the minister said, "unfortunately, that's fate, but we aren't the only ones doing it. Many are doing it because every job is very important"

"We won't leave any property, only that which means someone's livelihood and if they live in it. We expect to confiscate more than 15,000 automobiles, a couple of thousands of boats and yachts. We have prepared all that for next year because of unpaid liabilities," said Linic.

He added that "cleaning that up" took four or five years and that work must already begin on a revision of next year's budget.

Asked where else cuts could be made, Linic said some projects would have to be downscaled, that more economies would have to be made and that the public sector might be downsized. "But when we are talking about salaries and pensions, we have no possibility for more cuts."

As for criticism that the government had actually gambled away 2013, Linic said the prime minister himself said he was not satisfied with the pace of reforms and that perhaps more could have been done. "The basics now remain. I have personally changed a lot in (my) ministry and again wonder why there is no more public support."

Linic voiced confidence that in 2014 the government would make up for what it had failed to do this year.

Asked if, given the recession, it was politically smart to be so tough on business owners and employers who could enable investments, Linic said he was not a diplomat, that he was rough on them but that the government also helped them, so it could expect something from them too.

"Each goal is this government's goal," he said, adding that he was not sorry about his rhetoric.

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