Russia still plans to buy EFSF bonds
WASHINGTON. Sept 23 (Interfax) - Russia is still planning to buy European Financial Stability Facility (EFSF) bonds, Russian Deputy Finance Minister Sergei Storchak told the press.
Russia plans to invest Reserve Fund and National Wealth Fund resources in the EFSF bonds.
Storchak said the facility needed to develop "with the resources of Europeans. It needs to stand up on its feet and become some kind of institute, it is not just a piggy bank, it is a serious institute, an independent lender, the bonds of which should be AAA rated."
The process of establishing such a fund is not a quick one and it "does not need to be forced."
Earlier, Dmitry Pankin, when he was deputy finance ministry said the Finance Ministry may add EFSF bonds to the list of assets that the National Wealth Fund and Reserve Fund could invest in.
The EFSF was established in May 2010 by 16 EU countries to provide financial aid to euro zone countries in difficulty. The 750 billion euro facility has 60 billion in EC loans, 440 billion euros in EU government guarantees and up to 250 billion euros in International Monetary Fund resources.
The EFSF plans to sell 16 billion euros worth of bonds in 2011. Fitch Ratings gave the bond program an AAA rating.
Russian Deputy Prime Minister and Finance Minister Alexei Kudrin said Russia may be interested in buying EFSF bonds. "We think they will be rather attractive and could have a status that we will be interested in," he said.