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ESM chief praises setting up emergency mechanisms

THE ESTABLISHMENT of emergency mechanisms such as the European Financial Stability Facility (EFSF) and the European Stability Mechanism (ESM) was a good decision, ESM managing director Klaus Regling said after meeting Slovak Finance Minister Peter Kažimír in Bratislava on October 20.

THE ESTABLISHMENT of emergency mechanisms such as the European Financial Stability Facility (EFSF) and the European Stability Mechanism (ESM) was a good decision, ESM managing director Klaus Regling said after meeting Slovak Finance Minister Peter Kažimír in Bratislava on October 20.

Regling added that countries that have received assistance through the EFSF and ESM are among the most reformed states not only in Europe but also within the Organisation for Security and Cooperation in Europe (OSCE). Regling stressed that even though there was indeed a risk that the countries would leave the eurozone, what matters now is that they have remained within it, the TASR newswire reported.

In response to statements from some experts that the ESM contains a large amount of unused funding that could be used towards investments in infrastructure, Regling said that the ESM is a crisis institution and needs to contain financial reserves for possible future upheavals.

Kažimír said that Slovakia’s participation in emergency funds has had an effect on the country’s debt worth 4 percent of GDP.

“If the notified debt level is just under 55 percent of GDP, then the net debt is around 50 percent of GDP,” the finance minister said, as quoted by TASR, ahead of Eurostat’s planned announcement of Slovakia’s debt for 2013 on October 21.

Source: TASR

Compiled by Radka Minarechová from press reports

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