Statement of Finance Minister Ivan Mikloš on Eurozone

Bratislava, 6 September 6

The position of the Slovak Government and of the Ministry of Finance on the implementation of the 21 July euro area summit Statement remains unchanged: to ensure the financial stability of the euro area as a whole, the implementation should be swift in order to provide sufficient sources and effective tools to help contain the risk of contagion and spill-over of fiscal and debt problems that some euro area members are facing.

Finance minister Ivan Miklos (c) The Daily

The Slovak Government will have the necessary package (amendments to the EFSF Framework Agreement and the Slovak EFSF participation ceiling act) on the agenda on Wednesday 7 September so that it can be discussed in parliament as soon as possible.

The Ministry of Finance believes that adherence to rules of fiscal discipline and prudent governance, virtues that Slovakia exercises, are indeed a necessary precondition for stability and growth.

Although the Ministry supports institutional changes to strengthen the stability of the euro area, it monitors very closely the current development regarding both the undergoing bilateral loan programme and the forthcoming financial aid programme for the Hellenic Republic.

The Ministry feels strongly about the conditionality of such measures and deems it necessary to reiterate that Slovakia has expressed on several occasions a strong interest in collateralization of potential participation in such programme as well as a solid commitment of the receiving party to undertake all the necessary steps towards sounder public finance and reform the economy. Any signals to the contrary are cause for concern.

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