SaS party not support Slovakias participation in Eurupean rescue fund ESM.

By bne IntelliNews June 23, 2011
SaS party, a member of Slovakias ruling coalition, said it will not support Slovakias entry into the European Stability Mechanism (ESM) or increasing the contributions to the European Financial Stability Facility (EFSF), SITA news agency reported. However, the four ministers of SaS will probably be outvoted. Slovakia is supposed to provide EUR 7.7bn in guarantees to the EUR 779bn EFSF. The EFSF represents a system of guarantees, aimed at supporting an EU member sate, which cannot service its government debt. EFSF participation in itself would have no impact on the countrys budget deficit or government debt, unless the guarantees are called. The temporary EFSF is to be replaced by ESM in 2013. Slovakias contribution to the ESM will be EUR 5.77bn or 0.824% out of the total volume. The participation of the country has to be approved by the parliament.

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