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Slovakia clears way for euro rescue fund boost

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Slovakia clears way for euro rescue fund boost


For the euro zone’s rescue fund, it was better late than never.

On its second attempt, Slovakia’s parliament backed a plan to boost the European Financial Stability Facility.

The vote means all 17 euro zone members have now cleared the way for a bolder effort to tackle a debt crisis hitting Greece harder than others.

“We have the will in the end to make the necessary decisions to move forward. Amongst them, of course, are the decisions we are making in Greece,” said Greek Prime Minister George Papandreou. “We are committed to making major changes in our country because we have great potential although this potential has been, in the past, mismanaged, but that is why the Greek people want these changes.”

Parliamentary ratification in Slovakia came at a price. Arguments over giving the rescue fund more powers brought down the government and won the opposition their wish of early elections next year.

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