Spectator on facebook

Spectator on facebook

Weakening USD caused SPP loss but reduced foreign debt

SDKÚ-DS MP and former finance minister Ivan Mikloš on January 30 defended the 2002 privatization of the Slovak Gas Industry (SPP).

SDKÚ-DS MP and former finance minister Ivan Mikloš on January 30 defended the 2002 privatization of the Slovak Gas Industry (SPP).

"It's nonsense and lies," said Mikloš, referring to a report on the SPP sale recently prepared by the Economy Ministry.

According to Mikloš, the author's arguments show incompetence and unfamiliarity with the conditions under which large international purchases operate. He refuted accusations about not insuring the risks resulting from exchange rate volatility by saying that in such cases it's impossible to insure against risks. He said that although Slovakia lost Sk7 billion (€208 million) due to the exchange rate between the Slovak crown and U.S. dollar, at the same time, expressed in crowns, foreign debt in the U.S. dollar account fell.

Mikloš also denied that SPP was sold below its market value.

"It's true that the selling party (Slovakia) set SPP's value at $6-8 billion, but the seller is always interested in showing that what he sells has a greater value."

On the other hand, he said that the estimate from the purchase was only $2 billion. According to Mikloš, the only market price was the price the interested party paid, and that was $2.7 billion. TASR

p>Compiled by Zuzana Vilikovská from press reports

The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.

Top stories

LGBTI people in the regions: We change people’s minds

Bratislava will dress up in rainbow colours this August again, for the seventh time. This will be for the Bratislava Dúhový Pride diversity festival. But the colours of the rainbow are less bright in the regions,…

Slovakia’s LGBTI community seeks to expand their rights.

Things that make us different also make us stronger

On August 19, a rainbow flag will fly over the US Embassy in Bratislava to represent the firm commitment of the United States to defending the human rights of LGBTI people, writes Ambassador Sterling.

The rainbow flag flew over the US Embassy in Bratislava in 2016.

Blog: 5 things you should do on your visit to the north of Slovakia Photo

Here is a list of tips by an experienced tour guide - including things you have probably not tried before.

Bratislava growing high Photo

High-rise buildings sprouting up in Bratislava

Visualisation of the future skyline of Bratislava