Chinese yuan bills Photo: Japanexperterna.se flickr.com
Montenegro, one of the presumed front-runners of the EU accession process, is facing a financial predicament. The Western Balkan country is struggling to pay off a 1 billion US dollar Chinese loan for a controversial highway project, which has put the country in a dire financial situation.
The expected debt repayment will begin in July of this year.
This has put the newly elected government of Prime Minister Zdravko Krivokapić in a difficult situation. Krivokapić, who expressed his opposition to the highway project in 2014, has turned to the EU for financial assistance.
The EU, however, has voiced their concerns for accepting such large loans in the past and at the time advised Montenegro not to proceed with the Chinese-financed project.
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