Lithuania's Cabinet of Ministers also approved the proposal for the ESM managing director to prepare a draft agreement on financial assistance, which will set out the financial terms and conditions and lay down the proposed measures.
"I would like to stress that financial assistance to Greece from the ESM will not cost anything additional to Lithuania. Therefore, I would like to ask our politicians to refrain from speculations on the subject, as well as stop misleading society," said Lithuania's Finance Minister Rimantas Sadzius, who is currently replacing Prime Minister Algirdas Butkevicius as the latter is on his annual leave.
Under the ESM treaty, all member-states of the Eurozone must join the ESM. Lithuania became a member of the ESM on 3 February, 2015. Lithuania must pay EUR 327.2 million to the ESM paid-in capital. The first payment from Lithuania was made on 11 February.
The European Stability Mechanism is the permanent crisis resolution mechanism for the countries of the euro area. The ESM issues debt instruments in order to finance loans and other forms of financial assistance to euro area member-states.
