PM does not favour direct Czech participation in aid to Greece.

By bne IntelliNews June 23, 2011
Czech Prime Minister Petr Necas prefers the eurozones rescue fund EFSF to provide the financial aid to indebted Greece a move that will not involve direct Czech participation, CTK newswire reported. Necas made the statement ahead of a June 23-24 summit of EU leaders in Brussels when further Greek aid will be on the agenda. Earlier finance minister Miroslav Kalousek said the Czech participation in the Greek aid will be in the form of guarantees for loans from the European Financial Stability Fund (EFSM) and would amount to CZK 3.5bn. The country will contribute the money to the EU budget on condition that Greece would default on its debts. The eurozone's finance ministers agreed earlier this week on a second bailout package to Greece that will be equal to EUR 120bn. The Czech Republic has provided CZK 7.7bn in guarantees for Portugal and CZK 6.7bn for Ireland. Meanwile, the Greek government survived a confidence vote on June 21 following a European ultimatum to implement a five-year package of unpopular reforms in order to get a EUR 12bn tranche or risk default on its debts.

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