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ECB's Jazbec says Slovenia could be downgraded due to dependency on Germany
February 2, 2015 / 12:16 PM / 3 years ago

ECB's Jazbec says Slovenia could be downgraded due to dependency on Germany

BUDAPEST, Feb 2 (Reuters) - Slovenia’s credit rating could be downgraded because of its economic dependency on Germany, the Bank of Slovenia Governor and ECB governing council member Bostjan Jazbec said on Monday.

“In recent weeks one of the credit agencies came to us and said that they are thinking of downgrading us because we depend too much on what is happening in Germany,” Jazbec told a central banking conference in Budapest.

He did not name the agency in question but added the agency said the downgrade could happen even though Germany itself would not be downgraded.

Slovenia exports about 70 percent of its production, mainly to other European Union states. Germany is its largest trading partner, accounting for almost 20 percent of Slovenia’s exports. (Reporting By Gergely Szakacs, Writing by Marja Novak; Editing by Ruth Pitchford)

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