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International Internet Magazine. Baltic States news & analytics Thursday, 30.10.2014, 20:12

Estonia will make its last ESM payment in April

BC, Tallinn, 21.01.2014.Print version
Estonia will have to pay altogether 149 million euros in the European Stability Mechanism (ESM), of which four fifths has been paid and the last ESM payment will be made in April, LETA/Public Broadcasting reports.

Finance Minister Jürgen Ligi, who delivered a report on Estonia's participation in ESM, said that ESM will achieve its maximum ability, 500 billion euros, in spring.

 

In 2012 and 2013, financial stability support has been granted via ESM to two states, Spain and Cyprus. The Spanish programme ended in December and its size was 41.3 bln euros eventually. The initial promise was to lend up to 100 bln euros but aims were achieved sooner. In Spain, recapitalisation of banks with support loans was supported.

 

The support to Cyprus is more widespread and 9 bln euros of ESM funds have been earmarked for it, of which 4.6 bln has been paid.

 

Considering these two programmes, ESM's free resource can amount to 449.7 bln euros, Ligi said.






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