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Newsletter PRO BONO

The Čarnogurský ULC PRO BONO newsletter focuses on new laws and various other legal matters. It is published monthly and provided free of charge.

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Specific state guarantees

Issue: PRO BONO 09/2010

The European Financial Stability Facility (EFSF) represents a system of guarantees established by EU member states, the European Commission and the International Monetary Fund. The facility has been created in reaction to instability caused by the Greek debt crisis. The share of the Slovak Republic in the fund is based on its share in the European Central Bank and totals 4.37 billion euros. In the event that an EU member state runs into difficulties, it can request that the EFSF provide the necessary financial support, for which the Eurozone will provide guarantees. The financial aid mechanism is regulated by a general agreement, based on which the Act on Specific State Guarantees was approved by the Slovak parliament.