Slovakia says “nie” to the euro bailout

Slovakia is a small country that most people might confuse for Slovenia at a Pub Quiz. It has been a member of the eurozone for less than three years and represents less than 0.5 per cent of Europe’s GDP. But it is now also one of the greatest problems for the euro, after the country’s parliament voted tonight to reject an expansion of the European financial stability facility (EFSF). The vote would have allowed the EFSF to lend £385 billion, funds needed to tie Greece over.

Most popular

Matthew Lynn

Spain will regret its 100 per cent expat property tax

But little Slovakia said “no” to the EFSF expansion: the only country in the eurozone to do so. The Freedom and Solidarity party (SaS), a part of the governing coalition, refuses to support the bail-out fund. They have argued, on principle, that poorer countries like Slovakia shouldn’t bail-out richer ones Greece.