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Voice of America, 02-01-05Voice of America: Selected Articles Directory - Previous Article - Next ArticleFrom: The Voice of America <gopher://gopher.voa.gov>SLUG: 2-284913 Serbia / Bank Protests DATE: NOTE NUMBER:CONTENTS
[01] SERBIA/BANK PROTESTS (L-ONLY) BY BARRY WOOD (BELGRADE)DATE=01/05/02TYPE=CORRESPONDENT REPORT NUMBER=2-284913 VOICED AT: INTRO: For the second day Saturday, employees at four state-run banks in Serbia that are scheduled for liquidation are continuing protests against the government move. V-O-A's Barry Wood reports from Belgrade. TEXT: Sit-ins continue at offices of several banks that the government
has declared insolvent and plans to close. Up to eight-thousand
workers could lose their jobs in what is Serbia's biggest corporate
closure.
So far, the protests have been peaceful as trade unions try to rally
public support against the government action. While the protest action
was smaller Saturday, a day earlier one-thousand bank workers
participated in the sit-ins.
The banks to be closed include the country's biggest Beogradska and
Beobanka. The Finance Ministry says the closures are necessary, as the
government doesn't have enough money to keep the money losing banks
alive.
The four banks which operate throughout Serbia spent seven-million
dollars of government money in the past 10 days. All of the
institutions are linked to former Yugoslav president Slobodan
Milosevic. Analysts say the banks' cash resources were long ago
plundered by Milosevic cronies, leaving only empty shells in
operation.
While the bank closure is applauded as necessary and courageous by
advocates of market-based reform, it threatens to become a divisive
issue between reformist Prime Minister Zoran Djindjic and federal
President Vojislav Kostunica.
The federal finance minister, a Kostunica ally whose job is
subordinate to Serbia's finance minister, resigned in protest on
Friday, and trade unions are seeking the president's help in reversing
the closure.
Economists warn of many more enterprise closures as Serbia seeks to
bring its finances into balance and overcome the legacy of communist
economics where profit and loss had little significance. (Signed)
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