Serbia: Some Welcome Good News…

The Serbian government has had a good fortnight on the economic and political front. It has launched its inaugural eurobond as part of its deal with the London Club, and has been given the green light by the EU to start talks on a Stabilisation and Association Agreement (SAA), which is the first step on the road to EU membership. Serbia's Q105 fiscal numbers also point to an improvement in the macroeconomic climate in the Balkan state. The budget deficit in the first quarter came in at CSD2.4bn (US$37mn), which is half of the government's forecast and 11% of the

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