Slovakia will contribute 1.02 percent, or some €300 million, to the total financial aid package for Greece, Slovak Finance Minister Ján Počiatek told the Czech daily Lidové Noviny in an interview published on April 28 which was reported by the TASR newswire.
When asked where the Slovak government will get the money, Počiatek replied that the government has some available resources that can be used for this purpose but added: “And if we don’t have it, we will need to borrow the money, too,” as quoted by TASR.
The Finance Minister added that he understands that people do not like the prospect of paying Greece’s debts, especially while Slovakia’s own debt is growing. However, the public cannot possibly know all the details about the issue, says Počiatek.
“Before the public debate begins, formulating the specific conditions under which the credit will be provided to Greece is the most important thing to do. And that still hasn’t happened to date.”
When asked whether he is worried that a loan to Greece will be too risky, Počiatek replied that it’s necessary to set a timetable of stipulations for Greece to meet. He also supports the initiative of introducing a centralised fiscal eurozone regulatory system, which – unlike monetary policy-making – is still not in place in the EU. He added that he finds it frustrating that while Slovakia had to adhere to Maastricht criteria Greece was able to mislead the eurozone officials that first kept Greece out of the eurozone but later relented.
“We need to strengthen the powers of institutions like Eurostat. It’s unacceptable that this institution failed to detect the warning signs, and found itself so surprised when there was such a huge change in the figures,” he said. Nonetheless, the Slovak government does not regret the decision to enter the eurozone, Počiatek said.
Compiled by Zuzana Vilikovská from press reports
The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.
29. Apr 2010 at 10:00