Slovakia defeats the combined EFSF/confidence endorsement, ensuring a government reshuffling in...

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TruffelPig Comments (3230)
 
The joke continues.
11 Oct 2011, 04:22 PM Reply Like

untrusting investor Comments (9879)
 
Good for the Slovaks. Maybe the only sensible group out of the whole lot in the EU. Looks like they will pass it eventually, but one never knows.
11 Oct 2011, 05:39 PM Reply Like

bob adamson Comments (4492)
 
The rejection occurred because the Prime Minister choose to make the vote a matter of confidence in her government hoping that a coalition partner that opposed the Bill would therefore vote for it or abstain. However, the main opposition party, which actually would have voted for the Bill if the issue of confidence in the current government was not at issue voted against the Bill as dis the disgruntled coalition party’s members. Therefore the Bill was voted down and the coalition government fell.

The expectation, however, is that before the election is called the Bill will be re-introduced and passed before the end of the week. Further details can be gleaned from the following.

http://bit.ly/q9TkBE
11 Oct 2011, 05:41 PM Reply Like

Andrew Mann Comments (901)
 
Thanks for the link!
11 Oct 2011, 06:28 PM Reply Like

bob adamson Comments (4492)
 
Andrew –

The following reports in English from two Slovak newspapers give in greater detail the analysis that The Economist and The Guardian articles to which I referred in my earlier comment gave. This adds credence to the assumption that EFSF support will be enacted by the Slovak parliament later this week.

http://bit.ly/r89cmn/

http://bit.ly/oJDpq3/

http://bit.ly/oJqZwy
12 Oct 2011, 01:30 AM Reply Like

Helmut Bernemann Comment (1)
 
Many thanks to Slovakia! This crazy game must be stopped!
That our FDJ-Secretary isn´t able to stop this foolish game was clear, because we are lacking responsible people inside the political system. Times of Konrad Adenauer and Ludwig Erhard have past long ago and new global smart players are acting! These "mainstream" people have no character. They will vote for each and everything which helps them to stay in position!

Helmut Bernemann
Flörsheim am Main
Germany
11 Oct 2011, 06:19 PM Reply Like

TruffelPig Comments (3230)
 
Isn't Slovakia fiscally constraint (=broke) and might need to be bailed out too in the end? Just asking.
11 Oct 2011, 06:53 PM Reply Like

Zeon Comments (101)
 
Slovakia is among the poorest of the EU countries and its citizens have known nothing but austerity. However, they are not in need of a bailout. Government debt is about 40% of GDP, unlike Greece whose debt is about 140% of GDP. Question for them is why they should be spending their limited public treasury to bail out wealthier countries.
11 Oct 2011, 07:56 PM Reply Like

TruffelPig Comments (3230)
 
Thank you for the answer. I am sure that the bail out contribution of them will be rather small given the small economic power. Being a member of the EU costs some. However, no EU would make Europe less competitive in the global market.

I do understand that the Slovak people do not wish to spend money to bail out Greece or finance the banks of France.
11 Oct 2011, 08:29 PM Reply Like

bearfund Comments (1537)
 
Their contribution should be zero. They do not in any way benefit from bailing out foreign banks, and their own banking sector, which is insignificant, is not involved in this mess. They should tell France and Germany to shove off. This is not a matter of "supporting the euro" or "backing EU solidarity"; it is a private sector matter in which governments in France and Germany have decided they would like to intervene. That is their sovereign right, but it does not create any obligation for others to join them. Many sovereigns have defaulted on debt issued in many different currencies without destroying those currencies, and there are many trade associations whose members have at various times defaulted without destroying the associations. A Greek default may harm French and German bankers, but it will not harm Slovaks. They should raise two fingers to their profligate neighbours and remind them that if they, one of the poorest countries in Europe, can meet their obligations, surely those who are much wealthier ought to be able to do so without their help.
11 Oct 2011, 11:24 PM Reply Like

Duke67 Comments (135)
 
Absolutely not. As far as I know they have a sound and responsible fiscal policy, low debt/GDP ratio of some 40%.
12 Oct 2011, 02:25 AM Reply Like

The Geoffster Comments (3682)
 
It's a good time to be a Slovak legislator. Imagine the payoff for a yes vote.
11 Oct 2011, 07:11 PM Reply Like

Rolo Comments (137)
 
it'll pass the 2nd go around, they are using this to reshape some domestic leadership issues.
11 Oct 2011, 08:09 PM Reply Like

Abegaz Comments (3428)
 
Oh crap. You know, I really do not need games right now. Those idiots just ruined my day tomorrow and it is not even here yet. It is obvious they need a better approach to governing the union than simple consensus where all parts of the machine are equal. Proportional voting where majority rules would have been just fine.

I swear, the EU set itself up for failure right from day one.
11 Oct 2011, 08:32 PM Reply Like

dividend_growth Comments (2745)
 
This reminds me of what Bear Stearn did during the LTCM bailout. Slovaks will suffer big down the road.

EFSF will proceed without Slovakia's puny EUR 3.5 billion, but they will become all EU countries' common whipping boy in the future. I mean how selfish, how near-sighted, and how stupid can this small country get?
11 Oct 2011, 09:18 PM Reply Like

Losing Paper While Gaining ... Comments (490)
 
Selfish is banks expecting to be bailed out and taking risks because of it. The same people who have forgotten that if you screw up you go bust. It's kind of a key part of capitalism.
11 Oct 2011, 10:38 PM Reply Like

davidbdc Comments (2988)
 
Good for the Slovaks and even better if tomorrow or the day after or week after they find the backbone to continue to tell Greece to pound sand.

Saw that Putin also came out today and said as much in regards to Russia contributing to help out the EU.
11 Oct 2011, 10:21 PM Reply Like

TruffelPig Comments (3230)
 
The Slovaks can not separate one issue from another - how can that be good? This is just going to backfire for them. Yeah, great idea for mighty mini mouse to dance in front of two angry elephants.
11 Oct 2011, 10:26 PM Reply Like

Losing Paper While Gaining ... Comments (490)
 
Good to see someone has some spine.
11 Oct 2011, 10:36 PM Reply Like

abhay_agarwal Comments (38)
 
when difficult-to-find-on-t... countries start getting so much time in the sun you know that the ultimate outcome of a tough situation is only one.
12 Oct 2011, 01:14 AM Reply Like

Duke67 Comments (135)
 
The failed vote caused just one of 4 coalition parties. They've had about 12% gain in the elections = 350,000 people voted for them. This clearly shows that mechanisms in EU must be revised otherwise the circus continues "ad eternum".
12 Oct 2011, 04:06 AM Reply Like

Ray Lopez Comments (1347)
 
What is the EU? Nothing but a generalized low tariff regime. What can you export under the EU? Multinational products like Gillette razors. But here's the catch: under 'local language law' restrictions the products can be required to be labeled in the local language. When I lived in Greece the Gillette razors had to have a Greek sticker on them explaining something or another. And that's where Nick the Greek bribes the Customs Department to get the 'local language' concession--and he makes a profit importing and distributing multinational products. What about services you say? Local laws prohibit the EU transfer of services by and large. Even within Greece lawyers in one part of Greece cannot practice in another part, much less having London lawyers practice in Athens. So what good is the EU? See the above--it's just a low tariff agreement, with a thin layer (and growing thicker) of bureaucracy in Brussels and the Hague.

In conclusion, the death of the EU will hurt nobody. Even in foreign policy, the recent success of the war in Libya was the result of a coalition of the willing--the USA, France and the UK--with the backing of the United Nations, and not the EU. I say goodbye and good riddance to the EU. Greece will be back on its feet with their main 'export'--tourism--once they default and devalue.
12 Oct 2011, 06:47 AM Reply Like