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Cheque of Slovakia boosts euro rescue fund

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Cheque of Slovakia boosts euro rescue fund


Slovakia’s parliament has finally approved a plan to boost the euro-zone’s emergency rescue fund, the EFSF at the second attempt this week.

The arguments over giving the facility more powers to combat the euro zone debt crisis brought down the government and won the opposition their wish of early elections next year.

Slovakia only accounts for one percent of the euro zone’s economic output, but its influence over bolstering the rescue fund to 440-billion euros was disproportionate.

It had been the only one of the 17 countries using the euro not to have approved the change.

Opponents had argued that Slovak living standards are lower than in Greece, so it should not be bailing out richer nations.

The main opposition party had tactically boycotted the first vote on Tuesday, but voted in favour once an election for next March had been agreed.

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