Yesterday, Slovakia rejected a planned Euro bailout. Now it looks like they changed their minds.
Slovakia will approve Europe’s enhanced bailout fund today or tomorrow, completing the ratification process across the 17 euro countries as the region’s leaders prepare for a summit this month.
Party leaders in Bratislava yesterday secured backing for the European Financial Stability Facility in a second vote, Robert Fico, head of the largest opposition party Smer, said. Prime Minister Iveta Radicova’s SDKU party in exchange agreed to back early elections to be held on March 10.
Read the full story at BusinessWeek.com.
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Europe’s efforts to stem the sovereign debt crisis suffered an embarrassing and potentially costly setback on Tuesday night when Slovakia’s Parliament failed to approve the expansion of the euro rescue fund, a development that brought down the government.
Prime Minister Iveta Radicova announced that with 55 lawmakers voting for the measure, 9 against it and 60 abstaining, the Slovak governing coalition failed to muster the necessary votes to pass the plan that would have required Slovakia to contribute roughly $10 billion in debt guarantees.
Read the full story at The NY Times.
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