Tuesday, October 11, 2011

Slovakia Rejects EFSF Bailout Fund

Slovakia the last of the 17-member bloc to vote rejected the EFSF expansion proposal but the finance minister said it will likely be approved later in the week in a 2nd voting. Slovakia is the 2nd poorest member and has the lowest average salaries in the Eurozone.

Richard Sulik (House Speaker, party leader, and opponent to the expansion) previously said "How am I supposed to explain to people that they are going to have to pay a higher value-added tax (VAT) so that Greeks can get pensions three times as high as the ones in Slovakia?"

Sulik also said "The EFSF is going to massively hurt Slovakia in favor of bailouts of foreign banks,".

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