Don't miss

Replay


LATEST SHOWS

EYE ON AFRICA

Nigerian music: Afropolitan star Yemi Alade on european tour

Read more

MEDIAWATCH

Media reactions to Boris Nemtsov's murder

Read more

DEBATE

The Murder of Boris Nemtsov: Who Killed Charismatic Opposition Figure? (part two)

Read more

DEBATE

The Murder of Boris Nemtsov: Who Killed Charismatic Opposition Figure?

Read more

TALKING EUROPE

Dealing with returning jihadists: Is de-radicalisation possible?

Read more

ENCORE!

Noel Gallagher, Bryce Dessner and ‘David Bowie is’ in Paris

Read more

THE INTERVIEW

'Agent Storm': How a militant Islamist became a CIA spy

Read more

FOCUS

China: New reform set to benefit migrants

Read more

THE OBSERVERS

Caged children in Syria and dumpster diving in Ivory Coast

Read more

Europe

Slovakia rejects expansion of eurozone rescue fund

Text by News Wires

Latest update : 2011-10-12

Slovakia’s lawmakers rejected the expansion of the euro currency’s bailout fund Tuesday in a crunch vote that also effectively toppled the country's centre-right government. The package is expected to be approved at a later date.

AP – Slovakian lawmakers on Tuesday rejected the expansion of the euro currency zone’s bailout fund.

After 10 hours of debate in parliament, the measure failed to pass by 21 votes.

Slovakia remains the only country in the 17-member eurozone that has not approved expanding the bailout fund, which requires unanimous support to go into effect. The package of measures is designed to boost Europe’s firefighting capabilities in the region’s financial crisis.

Slovakia’s 1-year-old coalition government also fell with the vote because it included a no-confidence measure.

Prime Minister Iveta Radicova had urged the lawmakers to back the bill, arguing that the country was losing its credibility.

“It is the entire eurozone system which is under threat at the moment, not just a few small countries anymore,” Radicova said in the debate in Parliament. “Our euro is under threat. The changing situation needs a quick and immediate reaction.”

Earlier, Radicova had admitted that a coalition partner was not convinced.

EU officials still may be able to find a way of getting around the Slovakian rejection of the bill to boost the powers and size of the euro bailout fund, which is designed to contain debt market turmoil, but doing so would carry costs to European unity.

Date created : 2011-10-11

  • GERMANY

    Merkel faces crucial test with eurozone bailout vote

    Read more

  • ECONOMY

    EU looks to bolster crisis fund as IMF pledges action

    Read more

  • GERMANY

    Germany backs expansion of eurozone bailout fund

    Read more

COMMENT(S)