Macedonia is prepared for all possible scenarios triggered by the debt crisis in Europe. The budget contains three scenarios - of those two are explicit and the third one is implicitly incorporated.

This was stated on Tuesday by Vice PM and Minister of Finance Zoran Stavreski before representatives of the banking and real sector at a debate "Current Situation in the Financial Sector and Its Impact Over the Development of Real Economy."

Stavreski said the first scenario included the projected growth of 4.5%, which depended on developments in Europe envisaging challenges to be overcome in a short period of time.

"We believe this scenario is possible, even though it is not the only one. Other likely scenarios take into account that the European crisis may be prolonged. As a result, budget's revenue funds are projected more cautiously. Despite the fact that a real growth of 4.5% and an inflation of 2.5% has been envisaged, we've also projected a lower nominal growth for both revenues and expenditures, which shows that the second scenario has been considered unless conditions in Europe's economy are improved," the minister underlined.

The third scenario, which is not in the budget but is considered possible, envisages the budget to be rebalanced unless circumstances in Europe are deteriorated.

"If necessary, it will be crucial to maintain a low level of budget deficit, thus providing stability and maintaining a low level of the total debt," Stavreski said.

He added that Macedonia's economy would preserve positive rates of economic growth owing to the solid achievements made in the first six months of 2011, when a 5.2% growth was recorded.

It is expected economic growth to stand at 3.5% by year's end and a positive economic growth to be registered in 2012.

Governor of the Macedonian National Bank Dimitar Bogov stated that country's economy would feel the consequences of the upcoming crisis in Europe, but added that Macedonia was better prepared than in 2008.

"Facing the upcoming economic blow, I think we are better prepared now than in 2008 - Macedonia's economy has less unevenness compared to 2008," Gogov noted.

The governor stressed that preparations were being made for all possible scenarios, adding that the scenario for disintegration of the eurozone was "almost impossible."

"Whatever happens, the deposits of our citizens are safe no matter if they are in euros or denars. Their value will not be reduced," Bogov underlined.