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Slovakia to make first ESM payment

SLOVAKIA will send cash to the European bailout mechanism as early as this month since the country must pay its first two cash instalments, worth almost €264 million, into the European Stability Mechanism (ESM) by October 12.

SLOVAKIA will send cash to the European bailout mechanism as early as this month since the country must pay its first two cash instalments, worth almost €264 million, into the European Stability Mechanism (ESM) by October 12.

Subsequently, Slovakia will pay the remaining three payments, together worth almost €396 million, over the course of 2013 and 2014.

The state will pay its contribution to the ESM using money generated by the sale of bonds on the financial markets. The cabinet assigned Finance Minister Peter Kažimír to secure the necessary finances at its session on October 3, the Sme daily reported on its website.

The state already possesses sufficient resources to pay its contribution.

“We’ve done certain pre-provisioning for paying the bonds, mainly in January and February of the next year,” Kažimír said as quoted by Sme. “We are trying to have pockets full of money, since nobody knows what the next year brings.”

The finance minister claimed that the fact that the EMS has started working has already brought positives, such as lower interest rates for bonds that Slovakia is issuing.

“It has really calmed the situation on financial markets,” Kažimír said.

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