TALLINN - If the money to support Spanish banks will come from the European Financial Stability Facility (EFSF), Estonia should prove a guarantee for around 200 million euros, LETA/Public Broadcasting reports.
Euro area finance ministers decided two days ago that they are ready to allocate up to 100 billion euros to Spain to support troubled banks. It is not yet known if the money for it comes from EFSF or would it be distributed between EFSF and European Stability Mechanism (ESM). Estonia's share in EFSF is 0.26percent and in ESM 0.18percent. Estonia's participation in ESM is not certain yet as it depends on the decision of the Supreme Court.
"If all that money came from EFSF, we would be talking about a sum of around less than 200 million euros," said finance ministry deputy chancellor Tanel Ross.
"If it is distributed between EFSF and ESM, then in ESM we only pay into the fixed capital and ESM will borrow the necessary money," he said.