Business News

TV Panel Does Not Expect Greece to Pay Back Full Loan

Ljubljana, 10 May (STA) - Participants of a debate on commercial broadcaster POP TV, including former Prime Minister Janez Jansa, shared a view late on Sunday that Slovenia would not get back all the money it would lend Greece as part of the EUR 80bn bailout package from the eurozone countries.

Jansa, the leader of the opposition Democrats (SDS), said that the public finance policy of Greece had strongly undermined the county's credibility.

Noting that he saw no possibility of Greece returning EUR 387m to Slovenia, he added that effective control mechanisms should be set up both in Greece and within the EU.

Economist Maks Tajnikar said that "we will surely not see the money after seven years", adding that it would be nice if Slovenia got interest at least.

He however noted that the money Slovenia would borrow had been secured through the benefits brought by Slovenia's membership of the eurozone and the EU.

Peter Groznik of asset management firm KD Skladi agreed that Slovenia would not get the entire sum back. He argued that the current situation in Greece was very similar to organised bankruptcy.

European Affairs and Development Minister Mitja Gaspari added that so far Slovenia had been enjoying all the benefits of the "euro club", but that it now had to deal with difficulties as well.

He stressed that it was necessary that risks assumed by eurozone members are lower than those assumed by individual lenders. This issue should be solved by a mechanism to be formed in Brussels, he added.

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