"S&P's message is, and I personally spoke with them, that they have retained the current rating but with a negative outlook and it is up to us over the next six months to show that we can return that outlook to positive", Vrdoljak told the press.

Vrdoljak believes that only private capital, private investments and fiscal consolidation can save us and that we need to persevere with this and also with reducing the expenditure side and increasing the revenue side. "When we show this by the end of the year then I will no longer fear for our credit rating", said the economy ministry, adding however that only time can tell if we have been entirely successful in this.

He admitted that there were insufficient investments, particularly private investments. "It is up to use to improve the country's competitiveness and to show private capital that it is secure and to come to Croatia and that we are a stable country that knows where it is going. Once we do that the number and amount of investments will be higher", he concluded.