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Slovakia To Kill The Euro?

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http://www.businessweek.com/news/2011-10-08/slovak-sas-party-won-t-back-efsf-after-compromise-rejected.html

Slovakia’s ruling Freedom and Solidarity party won’t back the overhaul of the European bailout mechanism after Prime Minister Iveta Radicova rejected the party’s conditions for approval, a lawmaker said.

The party, known as SaS, insists its three coalition partners agree to two conditions before it will back the enhancement of the euro region’s bailout fund, the European Financial Stability Facility, in a parliamentary vote Oct. 11, said Jozef Kollar, head of SaS’s parliamentary caucus. “If the solutions we have put forward aren’t accepted then we will not vote for the EFSF,” Kollar said in a debate on state Slovak Radio today.

Slovakia and Malta are the only countries that haven’t yet ratified the key element in the European Union’s plan to prevent the region’s debt crisis from spreading. The Slovak row risks sinking the EU plan, which needs the unanimous consent of all 17 euro members to come into force.

SaS is calling for the creation of an inter-party committee that would have a right to veto individual EFSF disbursements. It is also demanding that Slovakia doesn’t participate in the European Stability Mechanism, a permanent rescue vehicle set to come into force in 2013. SaS will negotiate “until the last minute” with its coalition partners, according to a statement posted on the party’s web site today.

Smer, the largest opposition party, has said it won’t support the EFSF overhaul unless the government steps down.

I wonder if Merkel is quietly encouraging the Slovaks not to vote for this and get Germany off the hook.

It's financial suicide for the Slovaks to go with the bailout, although I do wonder if the Euro rules will just get changed as the parasites panic.

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If the bail-out is blocked, it won't just mean the end of the euro... it'll throw us into a depression, wipe out most people's savings and cause a catastrophic failure in banking across Europe and possibly beyond. High stakes game being played here.

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If the bail-out is blocked, it won't just mean the end of the euro... it'll throw us into a depression, wipe out most people's savings and cause a catastrophic failure in banking across Europe and possibly beyond. High stakes game being played here.

And bailing out the euro will prevent this?

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If the bail-out is blocked, it won't just mean the end of the euro... it'll throw us into a depression, wipe out most people's savings and cause a catastrophic failure in banking across Europe and possibly beyond. High stakes game being played here.

Yawwwnnn. Whatever, wake me up if something interesting happens.

All I see is politicians jaw boning and basically talking crap when we all know what they are going to do (rhymes with minty)

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All I see is politicians jaw boning and basically talking crap when we all know what they are going to do (rhymes with minty)

Quite, all i see is the slovaks posturing to get something out of the EU they would not agree to before, they have now found themselves with quite a bit of power and are having a go at being an EU power house

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A message from Slovakian Prime Minister Iveta Radicova leaked to a newspaper shows her coalition government is no closer to achieving a compromise needed to approve an extension of the euro bailout fund. Radicova rejected the compromise put forward by SaS, saying it would be unacceptable to other eurozone countries.

The SaS, which had previously been dead against extending the EFSF bailout fund, said on Thursday it would give its support on two conditions.

The first was that Slovakia reject the European Stability Mechanism, the permanent bailout fund set to replace the temporary EFSF from 2013.

The second was the creation of an additional law which would give the Slovakian parliament veto powers over funds released by the EFSF.

Such a law would require the agreement of other eurozone countries.

Time is running out for the four-party coalition to bridge the gap between the neo-liberal SaS, and the other parties, which are ready to approve the plan on October 11.

The government could also achieve a majority with the support of the opposition Social Democratic Smer party, but demanded that the government step down and elections be brought forward in return for his party's support.

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SaS, insists its three coalition partners agree to two conditions before it will back the enhancement of the euro region’s bailout fund.

But in the message to her coalition partners Slovakian Prime Minister Iveta Radicova rejected the compromise put forward by SaS, saying it would be unacceptable to other eurozone countries.

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I'm sick to the teeth of the EC gravy train with their constant pointless meetings photo shoots and corruption not to mention the books never being audited etc, anyone know how can you can send messages of solidarity with the Slovakians

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anyone know how can you can send messages of solidarity with the Slovakians

Yes, you can buy a Skoda. They`ll need you to when Germany pulls it`s car production facilities from Slovakia once they exit the euro.

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Yes, you can buy a Skoda. They`ll need you to when Germany pulls it`s car production facilities from Slovakia once they exit the euro.

People forget Lithuania started the process that pulled the Berlin Wall down. You probably think it was a U2 album and Live Aid.

http://www.lituanus.org/1990_2/90_2_07.htm

So why not Slovakia pulling down the Euro? Funny everyone on here more or less agrees the system is corrupt and needs radical change, a small country appears to agree and even start that process and yet people say why support them?

I think the real problem for you and all the I can't afford a house whingers/I was born after 1975/the Baby boomers stole my soul crowd sort of know you have had it good in many ways if not housing - lifestyle/cheap travel/freedom and Slovakia's move threatens that by calling the EU's bluff. What are you a member of the cabinet praying for a soft landing..?

As for Slovakia surviving without the car factories it did before - they say damaged people are dangerous because they know they can survive.

The question you should ask yourself is can you?

We have stronger families/cultures and religious beliefs than what I see around me in the UK as everyone trundles off to their local retail park instead of church and settles down for the opium of the masses X-factor, whilst ordering Dominos.

The average Brit has had it good for a 100 years and even since the Eastern European States entered the EEC there has been enough to go round. When there is less do you really think the average Brit is up to fighting for their share?

So I ask you again will you be able to survive?

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If the bail-out is blocked, it won't just mean the end of the euro... it'll throw us into a depression, wipe out most people's savings and cause a catastrophic failure in banking across Europe and possibly beyond.

All this is going to happen anyway.

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I don`t know if you`re addressing me with that declamatory "you", Greg Bowman, but I`m not hoping for anything I¨m simply pointing out the irony of the Slovakian position. If Slovakia exits the euro they will have to dramatically devalue the new slovakian crown to counteract the newly increased fx costs of exporting to their existing clients. That mean importing a lot of inflation, not to mention losing their competitive advantage over non-euro Czech Republic. It would take a lot of euro buyers regret to want to do that.

As for the rest of your rant, all I can say is huh?

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Yes, you can buy a Skoda. They`ll need you to when Germany pulls it`s car production facilities from Slovakia once they exit the euro.

Not forgetting that in 2007 a total of 570,000 cars were built there its actually the biggest car building country on the plant

Volkswagen

PSA Peugeot-Citroen

Kia

Luxury cars are also built there

VW Touareg

Audi Q7

Porche Cayenne

Skoda Octavia

Sony and Samsung make TVs

Whirlpool washing machines

Coca Cola

Call centres for HP and Dell

Will they kill the Euro i doubt it they are taking a big risk !

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Not forgetting that in 2007 a total of 570,000 cars were built there its actually the biggest car building country on the plant

Volkswagen

PSA Peugeot-Citroen

Kia

Luxury cars are also built there

VW Touareg

Audi Q7

Porche Cayenne

Skoda Octavia

Sony and Samsung make TVs

Whirlpool washing machines

Coca Cola

Call centres for HP and Dell

Will they kill the Euro i doubt it they are taking a big risk !

Are you sure. USA builds millions each year.

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Are you sure. USA builds millions each year.

He's not and not sure if a completely devalued Krona would make continued car production an impossibility isn't that the Sterling devaluation argument?

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Doubt they'll block the bailout entirely.. Think they're probably aiming for a 'compromise' to reduce their share of the bailout (maybe even to zero), at which point they'll miraculously pass it.

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Newsflash: Country that has lived for decades with a Socialist boot on it's neck does not want to pay to have it back on their windpipe.

Slovakia is second poorest member of euro zone and endured period of tough reforms before adopting the currency in 2009.

It would have to increase its share of guarantees under EFSF to 7.727 billion euros from 4.371 billion now.

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  • 284 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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