Uljanik solution could cost Croatia 1% of GDP

Solving shipbuilder Uljanik Group's financial problems may end up costing the Croatian government 1% of its GDP.

This is according to ratings agency S&P Global Ratings, which reviewed the country's finances and said: "Although we believe that contingent fiscal risks are contained, some state guarantees could be activated and fall on the government's balance sheet.

“In particular, the resolution of the troubled Uljanik shipyard, which is currently in search of a strategic investor and could otherwise face bankruptcy, could cost the government up to 1% of GDP.