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EIB: Slovakia Able to Pay Its Debts, So It's Unlikely to Follow Greece
Tuesday 16 November 2010 Zoom in | Print page
Bratislava, November 16 (TASR) - According to the European Investment Bank (EIB), contrary to warnings issued by certain Slovak politicians recently there is no sign of Slovakia following in the footsteps of financially-troubled Greece in the years ahead. EIB Vice-President responsible for credit operations in central Europe Anton Rop told TASR that Slovakia needn't fear bad economic prospects or insolvency.
The only troublesome EU member has been Greece, said Rop. "I don't think that Slovakia could possibly experience something like that," he told TASR.
The EIB has provided loans worth around €2 billion to Greece in order to co-finance funding from Brussels. Likewise, Slovakia has signed a deal with the EIB to obtain financial cover for projects while waiting for eventual funding from the Union, with the loan framework reaching €1.3 billion.
Rop said that there is no big risk in providing a loan to the country. "According to our estimates, Slovakia hasn't run into huge debts to date. Its debt level remains below the EU average. In addition, the new Government wants to reduce the country's deficit. The risk is relatively low here," he said.
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