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

Another salary negotiation at Volkswagen fails Photo

The strike continues, the representatives of the trade unions say it would be a mistake to give up.

The first Slovak satellite goes into orbit

After five years of construction, SkCUBE is ready to fly

Airports tighten security measures

The US ban of laptops and electronic devices from aircraft cabins on flights from some airports, applies to those from Košice airport to Istanbul.

Airport Košice

Young Slovaks defeat the champions from Sweden Photo

Despite the victory, their advance to the U21 EURO semi-finals is still uncertain.