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Slovak cabinet okays changes in EFSF bail-out fund

The Slovak government approved changes applying to the European Financial Stability Facility (EFSF) as agreed by leaders of the eurozone countries on July 21, the TASR newswire reported after the cabinet session on September 7.

The Slovak government approved changes applying to the European Financial Stability Facility (EFSF) as agreed by leaders of the eurozone countries on July 21, the TASR newswire reported after the cabinet session on September 7.

The annex was passed without votes of ministers from the Freedom and Solidarity (SaS) party, a member of the four-party coalition government, which maintains a negative stance on the bailout fund. The changes, such as an increase in the volume of guarantees and boosting the powers of the temporary rescue fund, are now headed toward an uncertain outcome in parliament due to the position of SaS.

Under the proposed rules, the volume of guarantees that could be offered by ESFS is to increase from €440 billion to €779 billion and Slovakia’s share would increase from €4.37 billion to €7.72 billion. If the changes are ratified by all countries, EFSF will be enabled to purchase government bonds on the secondary market, provide help in recapitalisation of financial institutions and issue precautionary credit to states if there is the possibility that they will be shut out of private credit markets.

Source: TASR

Compiled by Jana Liptáková from press reports
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