Slovenian lawmakers approve insolvency changes, plans to vote on debt ceiling

Initiatives

Slovenian lawmakers approved changes to the country’s insolvency legislation designed to accelerate corporate restructuring and aid the ailing banking industry. Lawmakers voted for changes the government said will lower the debt burden at companies and spur an economic recovery, according to a live broadcast on public broadcaster TV Slovenija. Slovenian banks, including Nova Ljubljanska Banka d.d., the nation’s largest, are struggling with bad loans that represent almost a fifth of the nation’s total output as the government pushes forward an economic overhaul meant to reassure investors and the European Union the country can make it without outside assistance. The Adriatic nation is also set to approve a constitutional cap on public debt after several delays. Lawmakers will vote on the debt-ceiling proposal on Friday, which requires a two-thirds majority in the 90-member assembly, according to a spokeswoman for the legislature. Slovenia mired in its second recession since 2009, presented an overhaul program to the European Commission. Proposals include a €900 million ($1.2 billion) capital boost for banks and a state-asset sale program.

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