The current situation in the eurozone is not easy and markets are reacting in a relatively negative manner to recent news from Italy, said Martin Bruncko, Slovakia's representative to the European Financial Stability Facility (ESFS), at a press conference on July 12, the TASR newswire reported.
"It seems that at least to a certain extent an infection has been spreading in the markets. We need to do everything possible to halt the infection and the [eurozone] finance ministers [on Monday] made a decision to halt it and stabilise the situation," Bruncko stated, as quoted by TASR.
Slovakia’s position is that private sector bondholders should take part in reducing Greece's debts but also that this should be under conditions that will not lead to debt infection spreading and a re-occurrence of the financial crisis, Bruncko said.
"All the activities that are taking place are aimed at preventing a selective default. Our stance is that if this happens, all further steps must be prepared to minimise or completely eliminate the negative aspects," Bruncko stated.
The Eurogroup working group, with Bruncko as a member, has been tasked with finding the best possible solutions for stabilising Greece's debt as soon as possible, TASR wrote.
Compiled by Zuzana Vilikovská from press reports
The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.
13. Jul 2011 at 14:00