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Slovakia Blocks Euro Zone Bailout (for Now)

It's expected to pass later this week
By Newser Editors and Wire Services
Posted Oct 11, 2011 3:50 PM CDT

(Newser) – Slovakian lawmakers today rejected the expansion of the euro currency zone's bailout fund. But parliament is expected to pass the measure later this week, notes MarketWatch. Slovakia remains the only country in the 17-member euro zone that has not approved expanding the bailout fund, which requires unanimous support. Today's vote not only failed, it brought down the government because it contained a no-confidence measure. Opposition members have said they would support the bailout measure once the government is dissolved.

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Slovakia's Prime Minister Iveta Radicova had urged lawmakers to back the bill, arguing that the country was losing its credibility. "It is the entire euro zone system which is under threat at the moment, not just a few small countries anymore," Radicova said during debate. "Our euro is under threat. The changing situation needs a quick and immediate reaction." (Read more Slovakia stories.)

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