Slovakia on Thursday became the final country to ratify the expansion of a European rescue fund, giving the bloc a critical tool to address the sovereign debt crisis and bolster the euro, but one few expect will solve Europe’s debt problems.
Internal domestic tensions in Slovakia, one of Europe’s smallest economies, had delayed the measure, which required the approval of all 17 European Union countries that use the euro. A similar vote in the Slovak Parliament failed Tuesday night, bringing down the government after one of the four parties in the governing coalition refused to support the deal.
Read the full story at The NY Times.
Currently rated 1.0 by 5 people
- Currently 1/5 Stars.
- 1
- 2
- 3
- 4
- 5
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.
Currently rated 1.0 by 4 people
- Currently 1/5 Stars.
- 1
- 2
- 3
- 4
- 5
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.
Be the first to rate this post
- Currently 0/5 Stars.
- 1
- 2
- 3
- 4
- 5