Spectator on facebook

Spectator on facebook

Slovakia should pay €260m to permanent bailout fund in 2012

Slovakia will have to pay a first instalment of almost €132 million towards the founding capital of the European Stability Mechanism (ESM), the eurozone's new permanent rescue mechanism, within 15 days of the date when the agreement to set it up takes effect.

Slovakia will have to pay a first instalment of almost €132 million towards the founding capital of the European Stability Mechanism (ESM), the eurozone's new permanent rescue mechanism, within 15 days of the date when the agreement to set it up takes effect.

The Finance Ministry has already submitted a draft bill regulating Slovakia's position within the new rescue mechanism for review by various ministries, the SITA newswire wrote. Slovakia should pay a second instalment of almost €132 million into the rescue fund later this year. Later, Slovakia should settle further three instalments in 2013 and 2014 amounting to almost €396 million, reads a clause on impacts to the draft bill on the ESM.

To settle the first instalment, amounting to €131.8 million, the government plans to use existing state revenues without further increasing the national debt. However, to pay later instalments of the founding capital, further debt will have to be issued. In addition to the €659.2 million in five equal instalments that Slovakia will have to pay into the ESM as its paid-up stake, it will be on call to contribute more than €5 billion in extra funds, as needed.

Source: SITA

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

Top stories

Slovak scientist in the US: Slovak science needs more than just money to thrive

It seems as if we do not want skilled scientists to return home, says Dominika Truban, who founded a platform connecting Slovak researchers abroad and at home.

Dominika Truban

The Education Ministry to restore the analytical institute

The institute that is part of the Value for Money initiative was merged with another body at the beginning of the year.

Education Minister Martina Lubyová

Blog: Helping others helps your company too

Tatiana Čaplová, Program Coordinator for CSR at the Pontis Foundation, offers a very interesting look behind the scenes of the most successful CSR event in Slovakia - Naše Mesto (Our City).

Bratislava