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

A clock installed at the Church of the Conversion of St. Paul the Apostle on St. Mary's Square in Žilina, on May 18, 2022.

Weekend: Losing it soon in the largest maze in Central Europe

A book that costs €1,500, Urban Market kicks off in Bratislava, and where to go to relive the 1944 uprising.


20. may
Trenčín Castle.

How transparent is the region you live in?

Eight Slovak regions are more transparent than the largest municipalities, a new Transparency International Slovakia ranking shows.


16. may
The Health Ministry has suspended the gender reassignment protocol, which establishes guidelines for legal gender recognition, this week.

Health Ministry suspends protocol helping transgender people

The document does not include diagnostic procedures, which the ministry now sees as a problem.


19. may
Bratislava is preparing to combat any potential explosion in mosquito numbers.

As mosquito season nears, Bratislava readies it sprayers – and drones

The capital will again deploy volunteers to monitor mosquito hatcheries.


20. may
SkryťClose ad