Agrokor, the supermarket whose collapse threatens the Balkans

Agrokor, the supermarket whose collapse threatens the Balkans

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IN CROATIA idyllic scenes can alter quickly. On good days, its holiday resorts are a haven for swimmers and sailors. But only a few miles inland, there are barren mountains where tempests can blow up fast and then whistle along the coast. This year (see article) fires were an added hazard.

A particularly dark storm-cloud is now hanging over the country’s business world, with the potential to depress the entire region, spoiling the optimism spurred by good tourist numbers and signs of accelerating growth. This follows the collapse into state hands of a food-and-retail chain whose myriad customers and creditors are still waiting to see the scope of the disaster.

Agrokor was the biggest private concern in Croatia and the western Balkans. It epitomised a cosy relationship between state and business that goes…Continue reading

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