Sulik Says Sinking Greece To Cost Slovakia EUR 2.3 bn

Head of the Freedom and Solidarity (SaS) party and outspoken critic of the European Stability Mechanism (ESM) Richard Sulik has pointed to how the anticipated withdrawal of Greece from the eurozone will cost the Slovak Republic something like EUR 2.3 billion.

SaS stood united against EFSF (c) The Daily

Sulik revealed his calculations at a press briefing yesterday, saying the money “will be wasted”. According to his calculations, the development in Greece will cost everyone in Slovakia around EUR 420 each, which Sulik pointed out was twice the amount that Robert Fico’s government is supposed to save this year.  He referred to the system as “abetted suicide” and is hoping that MPs will reject the proposed system.

Sulik caught the attention of the world when Slovakia held the eurozone and world money markets to ransom, when his party stood staunchly against increasing the European Financial Stability Facility (EFSF), which was what led to the downfall of the previous government.

In an exclusive interview for in February 2012, on the subject of the ESM Sulik said:

“It’s not a good solution to try to solve a debt crisis with more new debt, and this is our core argument. Solving a debt crisis with new debts. But now it is even worse, because in the EFSF Slovakia at least had a veto, which it has no longer (in the ESM).”

“With the ESM it is necessary to have 95% of the capital and Slovakia has just 0.7%, so we are a small country and nothing will break down. It’s not true, but it was like that in the EFSF because that is how the contract was written. Every country had to join, but that is not the case now, a 95% majority is enough. The ESM is a new contract and in the beginning it was 95% and then was changed to 90% of the capital.”


  1. “It’s not a good solution to try to solve a debt crisis with more new debt, and this is our core argument.”

    “It’s politicians like Sulik that make me despise all of his ilk.”

    Not a fan of common sense then I guess, Dave.

  2. Hi Dave,

    While I broadly agree with you here – I wish to ask where did that last quote come from?

  3. It’s politicians like Sulik that make me despise all of his ilk. With spin like this he should be in the Taverners.
    ” It will cost everyone in SK EUR 420 each” – when can we all expect the bills then?
    What he should have said was that the SK will have EUR 420 less, for each person in the country, to squander. Just ask the EU to deduct the EUR 2.3Bn from the annual handout the SK receives or would that make too much of a dent in the funding for non-jobs, over-priced govt. contracts, non existant food purchases and general pocket lining.
    ” twice the amount BnM is supposed to save this year” – Save?, Savings? – Bobby no Mates has made no mention of the govt making savings – he’s going increase taxation, duty, bank levies etc. but not a hint of public service job cuts, reduced budgets, turning the lights off etc. quite the opposite in fact. No doubt the extra tax that he wants to collect will result in yet more non-jobs. As the spokesperson for the second deputy assistant teaboy at our local town hall said, ” The reduction of adminstrational and staffing costs is not a priority in Slovakia”

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