Kazimir: Reversal in Current Trend in Public Finances Necessary

Bratislava, April 4 (TASR) - The revival of Slovak public finances is necessary and the incumbent Government must reverse the ongoing trend and put a lid on the growing deficit, a fact the Finance Ministry is well aware of, thinks Slovak Central Bank (NBS) Governor Peter Kazimir. Kazimir doesn't expect Slovakia to have any trouble loaning money on financial markets in the following years. "When deficit and debt is growing all around you, then you can afford to increase it, too. But when deficit and debt is being cut and you go against the grain, then you have a problem. And that's the situation Slovakia currently finds itself in. Our problem in terms of perception is that we're going against the grain," underlined Kazimir during the presentation of new NBS predictions on Thursday. He warned that the actual trend in Europe is austerity and deficit cuts. Kazimir pointed out that the consolidation is also necessary for the meeting of eurozone budgetary rules. Paradoxically, Slovakia had usually belonged among countries that carried out their homework well, noted Kazimir, who had served also as the finance minister in the past. Kazimir is in touch with incumbent Finance Minister Ladislav Kamenicky (Smer-SD) and emphasized that Kamenicky is well aware of the situation, in which he took over public finances. mf