France urges new Slovak vote on eurozone rescue fund

12th October 2011, Comments 1 comment

France on Wednesday urged lawmakers in Slovakia to hold a second vote on eurozone debt rescue efforts after they rejected plans for an expanded bailout fund and tools to shore up weakened banks.

"This is not good news ... but I have confidence in the authorities in Slovakia" to organise a second vote, French Foreign Minister Alain Juppe said of the vote, speaking to France Info radio.

"We ardently hope that this vote will be positive because we must put in place all the measures decided in July (an a summit), which are fundamental to rescuing Greece and reinforcing the eurozone," Juppe said.

He also said there is "a lot of work to do to improve decision-making and, especially, speed it up" within the European Union.

"This is our problem today, it takes too long (to take decisions) while the markets are deciding minute-by-minute."

Tuesday's 'No' vote in Slovakia, the last of the euro nations to vote on strengthening the European Financial Stability Facility (EFSF), put in doubt a bailout boost promised for Greece and bank re-capitalisation plans.

Slovakia was the last of the 17 eurozone nations to vote on the deal which has to be approved by all for it to come into effect.

© 2011 AFP

1 Comment To This Article

  • Malcolm Spalding posted:

    on 12th October 2011, 12:45:48 - Reply

    Good for Slovakia! They are the second poorest nation in the Eurozone,and had to take drastic measures to qualify for entry. Why should they be expected to heap further debt onto an existing debt. If an individual is in debt the last thing they need to do to put things right is to borrow more .
    France did not like the first vote and said " oh dear! you must vote again!"
    Just watch the behind the scenes (if you can) of how Slovakia is persuaded to change its mind!