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Čufer expressed satisfaction about the latest US$3.5bn issue in the interview with the Odmevi news show on public broadcaster TV Slovenija. The demand was high at US$16bn, mostly from US investors. "It was due to the huge interest that we were able to borrow cheaper in America than we would in Europe," he said.

The bond was issued almost two weeks after the end of the roadshow. Čufer explained that it was first necessary to wait for the situation on the international markets to calm down following a commotion over Argentina, Turkey and Ukraine.

"The state's needs this year are comprised of current spending," the minister said, adding that one billion would be used to finance budget deficit and 3.5bn for repayment of the principal of past debts.

Most of the latest borrowing will be spent to cover old debts, but it will not be sufficient. Čufer announced fresh borrowing, which he expects to be in euros as the interest rates on dollars are expected to rise, while the euro interest rates are expected to fall this year.

"The fact that Slovenia has in recent years increased its public debt from between 20 and 25 percent to almost 73 percent of GDP means it must now focus on economic policies that will go towards reducing the debt," he said.

Specifying, he said that this would mean balancing public finances on the one hand and on the other structuring privatisation in such a way that the proceeds are used to reduce the public debt and delaverage the bad bank.