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Parliament approves legislation on ESM

The Slovak Parliament on Thursday, June 28, definitively approved the legislation concerning the country's accession to the European Stability Facility (ESM), in which Slovakia's up-front cash contribution to the bail-out mechanism represents a total €659.2 million. Out of 143 MPs present in parliament, 113 lawmakers voted for the legislation.

The Slovak Parliament on Thursday, June 28, definitively approved the legislation concerning the country's accession to the European Stability Facility (ESM), in which Slovakia's up-front cash contribution to the bail-out mechanism represents a total €659.2 million. Out of 143 MPs present in parliament, 113 lawmakers voted for the legislation.

After the law receives President Ivan Gašparovič's signature, five payments to the ESM are scheduled to take place, with the first (€131.84 million) to be made by Slovakia within 15 days of the act coming into force, i.e. during mid-2012. According to the document submitted by the Finance Ministry, a second, identical payment is expected later this year, probably in October.

"Slovakia should also provide the other three payments ... worth €395.52 million during 2013-14," the ministry calculates, as quoted by the TASR newswire. According to the Finance Ministry, the first payment will be covered by state financial assets, so will not affect the budget deficit or the state debt. However, the other payments will require Slovakia to issue more debt.

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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