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Prime Minister says no need to compensate for euro

The government sees no reason to adopt radical social measures to compensate for the impact of euro introduction in Slovakia, Prime Minister Robert Fico stated on May 12.

The government sees no reason to adopt radical social measures to compensate for the impact of euro introduction in Slovakia, Prime Minister Robert Fico stated on May 12.

He added that "we are concentrating chiefly on those who are going to try to take advantage of the euro changeover".

The development of inflation, as well as anti-inflationary measures that are being prepared, including a strong exchange rate, should ensure that inflation in Slovakia will achieve the level in developed European countries, Fico said as quoted by the SITA newswire.

President Ivan Gašparovič has stated that he also does not view the situation as dramatic. Fico informed the president about the course of negotiations on setting the conversion exchange rate. He said the objective is not the appreciation of people's incomes and savings, "but that the strong exchange rate militates against inflation, for every single crown in the exchange rate lowers inflation by 0.5 to 0.6 points". SITA

Compiled by Zuzana Vilikovská from press reports
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