“Kosovo has no plans to bail out state-owned telecoms firm PTK, the economy minister said on Tuesday, urging the company to cut costs – including salaries – to avoid bankruptcy.

Once the most profitable company in the Balkan country, PTK has been in red since 2015 due to inefficiencies and rising competition from No.2 mobile operator IPKO, owned by Telekom Slovenije.

Economy minister Valdrin Lluka told Reuters the government was unlikely to provide the 60 million euros ($73 million) PTK owes to creditors.” (Reuters)