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Blocked accounts to block economy too.

The Government gave a possibility to firms with blocked accounts to continue operating until 2012 but some businessmen believe that in this way the economy will plunge into debts even more. According to the National Bank statistics, only in August over 78,000 firms from over 180,000 had blocked accounts. The accounts are blocked for various reasons, mostly because of unsettled liabilities to banks, the state, firms and funds.

Some business owners say that the extension of the deadline puts well-performing firms in an unequal position and for others this is the only way for some of the firms to survive and continue doing business.

Adem Kocan from the Federation of Economic Chambers says these firms do not pay other firms or the state, thus accruing even more debts. Economist Slobodan Najdovski believes this prolongation is going to benefit only the state because firms will repay liabilities only to the state and the problem of poor liquidity will not be solved.

This responsibility is part of the law on payment operations that forbids blocked firms to settle liabilities with cession. The ban should have come into force earlier this year, was delayed for the start of 2011 and now has again been put off for 2012.
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Title Annotation:BUSINESS NEWS
Publication:INFOMAC Daily News Service
Date:Sep 21, 2010
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