Slovaks Likely to Fail in EFSF Vote as Party Pulls Out
Slovak Prime Minister Iveta Radicova pressured rebel lawmakers to approve the euro region’s retooled bailout fund by tying a parliamentary vote today on the facility with a no-confidence motion.
Radicova made the announcement in Bratislava after coalition partners failed to come up with a last-minute resolution to a Cabinet dispute. Parliament begins debate on the European Financial Stability Facility at 1 p.m. with a vote scheduled for sometime later.
The four-party coalition has struggled to agree on conditions to support the euro-region measure, raising speculation that it will be defeated. Slovakia is the only country in the 17-nation euro area that hasn’t ratified the measure, following approval in Malta yesterday. Radicova said the vote would be repeated should lawmakers reject it today.
“Slovakia’s credibility is my priority,” she told reporters today. “We can’t pretend that we alone are able to deal with problems surrounding us. It’s unacceptable for me to allow Slovakia to become isolated.”
Slovak approval of enhanced powers of the EFSF, the temporary bailout fund, is crucial for adopting the key element in the strategy to prevent contagion from the debt crisis that has spread from Greece to other countries in the region.
“It is, of course, possible that Slovakia would hold up or even block the whole EFSF deal,” said Beat Siegenthaler, a currency strategist at UBS AG in Zurich before Radicova’s announcement. “But the repercussions for the country would likely be serious as the external pressure to find a solution would quickly become massive.”My view:
It repeatedly astounds me that the masters of the European Union can repeated bully sovereign nations to their Fabian Socialist agenda.
It is reminiscent of activity in the political arena between World War 1 & 2 as civil liberties vanished "for the greater good".
What is refreshing, is Nigel Farage's direct confrontation of this bailout madness.
The burning question is whether the insane acts of the European Parliment will be allowed to continue in an undemocratic fashion that is more akin to that of Nazi Germany?