Slovakia: Lawmakers Reject Expansion Of Eurozone Bailout Fund
By Ria Novosti
Slovakia’s parliament rejected expansion of powers of the eurozone rescue fund, the European Financial Stability Facility (EFSF), Slovakian SITA news agency reported on Wednesday.
With the necessary amount of 76 votes to pass the bill, 55 voted in favor, nine against. The rest of 124 lawmakers present during the voting did not vote.
The plan was agreed by eurozone leaders in July but is subject to approval of all 17 eurozone member parliaments. Slovakia was the only remaining country to approve and ratify the agreement.
The European Union formed the EFSF in May 2010 to provide support for economically weak members such as Ireland and Greece.
The EFSF planned to float bonds worth 16 billion euros this year. Fitch Ratings agency has assigned an AAA rating to the fund’s bond program.