Slovakia is prepared to do its best, in cooperation with other eurozone countries, to support financial stability in Europe, said Slovak Prime Minister Robert Fico after an extraordinary session of his cabinet on May 10, which discussed the outcome of the meeting of EU finance ministers who okayed a set of measures to ensure other vulnerable countries can stave off similar crises as the current one in Greece, the SITA newswire reported.
Slovakia is prepared to participate in a joint crisis mechanism of the European Commission, the eurozone and the International Monetary Fund aimed at preventing Greece’s debt turmoil spreading to other countries, the prime minister said. The agreed-upon mechanism could be worth over €700 billion.
“We regard this joint procedure as necessary, as only this can support financial stability of the Slovak Republic,” said Fico as quoted by SITA.
If Europe had not acted, it would have had fatal impacts also for Slovakia, the prime minister said. He underscored that the single currency is facing its biggest ever crisis now.
The European Commission is about to put on the table measures which will guarantee that each country will observe fiscal rules and which should even toughen the rules themselves.
The prime minister indicated what kinds of sanction mechanisms could be expected. He said that he would not object if a country which does not fulfil fiscal consolidation is stripped of EU funds or its right to vote is restricted in the European Council.
Compiled by Michaela Stanková from press reports
The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.
11. May 2010 at 14:00