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Slovakia's government falls after EFSF is rejected

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Slovakia's government falls after EFSF is rejected


Slovakia’s parliament has rejected bolstering the euro-zone’s EFSF rescue fund and by doing so has triggered the fall of the government.

With her coalition split over the package seen as vital in combating the single currency bloc’s debt crisis, Prime Minister Iveta Radicova had tied a confidence vote to the plan.

Her four party coalition now appears to have collapsed but the opposition-leading SMER party says it is ready to receive approaches on how to save the bailout fund.

SMER has already said Slovakia must commit to backing the EFSF and a second vote which is expected to be successful is likely later this week.

Slovakia is the last of the 17-member bloc to vote on extending the European Financial Stability Fund – the support of them all is needed for it to go through.

The irony is the 440 billion euro extension is now seen as inadequate.

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