In December 2013, the Slovene non-performing loans portfolio made 13,4% of total assets; as of April 2016, this bad portfolio has shrank to 8% and banking sector profits have rebounded significantly.

That is the end of good news. Slovenia could be as good a trigger as any for a looming banking crisis, with institutional as well as financial dimensions. The European Central Bank, the European Commission, the European Council, and the European Court of Justice are running out of good options.

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