Over the past few years, investors have learnt to take privatization promises by the Croatian government with a pinch of salt. Despite the rapid sales this year of Rijecka banka and other successes, many assets pledged to the market have been yanked from the selling block or otherwise left in state hands.
This explains the relatively subdued reaction to the late-April decision by the Croatian parliament to approve a plan to sell an initial 25% stake in oil and gas group INA Industrija nafte.
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