Slovakia approves plans to give EFSF more power
SLOVAKIA has become the last of the 17 eurozone countries to ratify changes that will pave the way for an increase in the scope of the continent’s €440bn European Financial Stability Facility bailout fund.
114 of the 146 deputies present in the Slovakian parliament voted in favour of the move which will also give the EFSF additional tools to stem the spread of area’s sovereign debt crisis.
The country held a second ratification vote today after a failed attempt to push it through parliament on Tuesday toppled the centre-right government.
The vote failed earlier this week because the outgoing centre-right government lost the support of a junior coalition party.
Many Slovakians believe the eurozone’s second poorest member should not be bailing out richer troubled states like Ireland, Greece and Portugal.