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Slovakia Not in Need of Borrowing Money Towards EU Guarantee Package
Monday 10 May 2010 Zoom in | Print page
Bratislava, May 10 (TASR) - At the moment, Slovakia is not in a situation to have to borrow money to make a deposit into a newly-created guarantee mechanism of the European Union, according to Prime Minister Robert Fico.
Although the Union has already approved the supporting package worth more than €700 billion for its member states, the aid only has a form of guarantee, it was reported.
"No-one is asking Slovakia to provide any loans or financial participation, as in a given moment - when this mechanism is activated - it would suffice if Slovakia simply took guarantees on itself," explained Fico following an extraordinary Government session on Monday. The session, at which the Cabinet examined the outcome material from Sunday's meeting of EU finance ministers in Brussels, was attended also by President Ivan Gasparovic and Parliamentary Chairman Pavol Paska.
According to Fico, by creating the guarantee mechanism, the Union "built a wall" against market speculations. "This is a wall, now worth €720 billion," said the premier.
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