The paper present the results of the survey that was designed to examine attitudes towards reconciliation, traumatic experience, as well as some basic values, attitudes and stereotypes in two cities of the former Yugoslavia where the nationalities that were in conflict live together. The survey was conducted on 400 subjects in Vukovar (inhabited by Serbs and Croats) and 400 subjects in Prijedor (Serbs and Bosniaks). The results show that the level of traumatic experience, as a single variable, has no correlation with the readiness for reconciliation. On the other hand, in General Linear Model, best predictors of the readiness for reconciliation were attitudes and values represented by the factors “Non-Ethnocentric” and Non-Nationalistic/ Xenophobic”. Also, having friends among the “opposing” nationality and having positive experiences with the members of opposing national groups is highly related to a readiness for reconciliation. Finally, a belief in war crime trials, combined with a readiness to admit the war crimes among its own nationality, was a significant predictor of readiness for reconciliation.