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Slovenia Getting Ready for Greek Aid Deal

Ljubljana, 12 April (STA) - Slovenia will have a legal framework for financial aid to Greece ready by the end of June, the Finance Ministry told the STA on Monday, a day after a financial rescue mechanism for Greece was unveiled in Brussels.

The ministry noted that members of the eurozone committed to immediately start procedures on national levels that would allow for such aid.

"Since these procedures vary in different countries, the necessary funds will not be available simultaneously, which the mechanism understands," the ministry explained.

The euro area member states are ready to lend up to EUR 30bn to Greece in the first year at an interest rate of around 5%, which is about 2 percentage points less than what Greece is paying now.

Countries are expected to participate in the deal according to their share in the capital of the European Central Bank (ECB), which is 0.48% for Slovenia.

The ministry pointed out that Greece had so far not requested for aid and that the mechanism, which became operative today, would be activated only after Greece officially requests aid and the eurozone members unanimously approve it.

The ECB, the International Monetary Fund (IMF), the European Commission and the Greek authorities started negotiations in Brussels today on the details of the mechanism, the most controversial being the role of the IMF in it.

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