Economic institute says saving the euro could cost each Slovak €1,851

The effort to save the common eurozone currency, including the commitments and guarantees resulting from the sovereign debt problems in Europe and risks from holding state bonds of questionable quality, may cost each Slovak citizen €1,851, the Economic and Social Analysis Institute (INESS) announced on January 25, as reported by the TASR newswire.

The effort to save the common eurozone currency, including the commitments and guarantees resulting from the sovereign debt problems in Europe and risks from holding state bonds of questionable quality, may cost each Slovak citizen €1,851, the Economic and Social Analysis Institute (INESS) announced on January 25, as reported by the TASR newswire.

"The existing bailout mechanisms have provided credit and purchased bonds worth €350 per Slovak in total," INESS stated, as quoted by TASR, saying that as of January 6, 2012, each Slovak contributed €272 to the purchase of bonds issued by the European Central Bank (ECB). INESS added that within the EFSF and ESM bailout mechanisms, Slovakia has agreed to contribute €1,422 per capita and that about €29 per capita has been used so far.

INESS stated that under the guarantees provided by the EFSF, every Slovak has contributed €33 but that the overall framework will reach €64 per person, noting that there are also guarantees provided to the EFSF and ESM by the International Monetary Fund (IMF), costing each Slovak €9 of the €83 already agreed.

INESS said that its overview of Slovakia’s commitments and guarantees was calculated in an attempt to sort out the confusing situation resulting from various bailout mechanisms, credit frameworks and ECB policies over the past two years.

Source: TASR

Compiled by Zuzana Vilikovská from press reports
The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.

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