The Debt Transfer Game; Slovakia Needs EUR 264M for ESM
"Slovakia has less than 10 days left to find the EUR 264 million as the first two payments to the the European Stability Mechanism, the EU bailout system. Ironic as it is, Slovakia will have to put itself in debt in order to cover its commitment to the EUR 700 billion ESM, which has been set up to deal with debts of countries in trouble, but can now also be used to bail out banks. The government plans to issue government bonds to raise the required finances at a time when it is also trying to reduce the public finance deficit by introducing a whole series of new taxes and levies." Continue reading →