Macedonia

In the latest development in the long running name dispute between Macedonia and Greece, the International Court of Justice (ICJ) ruled on 5th December that Athens was wrong to block its neighbour from joining NATO in 2008. However, while officials in Skopje hailed the decision as a "diplomatic victory" over Greece, the ruling will do little to solve the name dispute between the two countries, in our view. The status quo has already been priced into our risk rating, though ongoing delays to the start of EU accession talks will put increasing strain on Macedonia's governing coalition.

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