The post-Yugoslav era has been difficult for Zastava, just as most of the other major companies based in Serbia, which suffered from hyperinflation, international sanctions, and economic mismanagement [REF].
On July 28, 2008, Fiat signed a letter of intent to take control of the automobile division, investing €700 million in return for a 67 percent stake in the company (then owned by the state) and an additional €100 million of investment from the Serbian government [REF].