If Ireland decides to request financial assistance from the European Financial Stability Facility (ESFS), Richard Sulík, Slovakia’s Speaker of Parliament and chairman of the Freedom and Solidarity (SAS) party, told the SITA newswire he would not agree with its approval but that Slovakia probably must participate.
"I would not approve, but I fear that we have some contractual obligations. So, we will probably have to pay," said Sulik after the November 17 government session.
The European Financial Stability Facility was created in response to instability caused by the Greek debt crisis. It is a system of guarantees of individual member states of the European Union, the European Commission, and the International Monetary Fund in the total amount of €750 billion. These guarantees are intended for assistance to a member state that would be unable to finance its debt.
Slovakia's share of the stabilisation mechanism is based on its share of the European Central Bank and represents €4.37 billion. Potential financial support for Ireland is estimated between €45 billion and €90 billion depending on the extent of support that Dublin will need for its banking system. Slovakia's share of aid to Ireland would be around €300 million.
Compiled by Zuzana Vilikovská from press reports
The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.
18. Nov 2010 at 10:00