The Euro Bill is project run by Slovak think tank INESS, which tracks all guarantees and expenses related to euro zone rescue efforts. The May update includes several changes, related mainly to the spring default of Greece.

Paradoxically, the overall sum of guarantees dropped slightly to EUR 1860 per capita (in Slovakia). This is due to “accounting” changes. The old IMF program, which granted Greece EUR 30 billion together with the bilateral loans from member states, was cancelled. It was replaced by a new program associated with the spring Greek default. Therefore the sum of guarantees in IMF share on the loan to Greece dropped to the sum already disbursed by IMF. The new IMF loan program for Greece is counted in the already existing set of guarantees called IMF guarantees for EFSM and EFSF and therefore doesn’t increase the overall sum.

However, the per capita sum of provided loans increased dramatically after the Greek default and reaches now EUR 588 per Slovak citizen.

In case you would like to count your own national Euro Bill, do not forget to add the first set of bilateral loans to Greece. Slovakia opted out of this program.