According to the Washington Post tiny Slovakia defied its mightier neighbors Tuesday and rejected an expanded rescue fund to save Europe’s ailing debtor nations and troubled banks, effectively holding hostage the region’s plan to fend off a broader economic crisis.
The “no” vote after a marathon session of parliament in the sleepy Slovak capital of Bratislava threw up another stumbling block to Europe’s efforts to ease a debt crisis that is threatening the global financial system. After months of wrangling over what to do about nations such as near-bankrupt Greece, European leaders agreed to the expanded plan for a $588 billion rescue fund as far back as July. But its creation has been contingent on parliamentary approval in the 17 nations that share the euro, with all but Slovakia signing off.
The Slovaks were scrambling late Tuesday to rearrange a new vote after the government there became the first to fall in Europe over opposition to bailouts. But the rejection nevertheless seemed destined to rattle already jittery investors and further sap the confidence of world leaders in Europeans’ ability to solve their own problems....
Find out more at http://www.washingtonpost.com/world/europe/slovakia-rejects-european-bailout-plan/2011/10/11/gIQAvKaHdL_story.html?hpid=z1
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