interestrateripoff Posted October 8, 2011 Share Posted October 8, 2011 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. Quote Link to comment Share on other sites More sharing options...
StuartKing Posted October 8, 2011 Share Posted October 8, 2011 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. Quote Link to comment Share on other sites More sharing options...
Freeholder Posted October 8, 2011 Share Posted October 8, 2011 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? Quote Link to comment Share on other sites More sharing options...
copydude Posted October 8, 2011 Share Posted October 8, 2011 Already under discussion here Who'da thunk we'd need a Great Big Fat Slovakia Thread Quote Link to comment Share on other sites More sharing options...
uztopride Posted October 8, 2011 Share Posted October 8, 2011 Biggest Threat To Europe Is A Bailout Slovakia's Sulik Tells It Like Is Quote Link to comment Share on other sites More sharing options...
nohpc Posted October 8, 2011 Share Posted October 8, 2011 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) Quote Link to comment Share on other sites More sharing options...
Monkey Posted October 8, 2011 Share Posted October 8, 2011 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 Quote Link to comment Share on other sites More sharing options...
Georgia O'Keeffe Posted October 8, 2011 Share Posted October 8, 2011 (edited) All you need to know is "pork barrel politics". bellies, barrels, its all the same Edited October 8, 2011 by Tamara De Lempicka Quote Link to comment Share on other sites More sharing options...
uztopride Posted October 9, 2011 Share Posted October 9, 2011 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. Quote Link to comment Share on other sites More sharing options...
uztopride Posted October 9, 2011 Share Posted October 9, 2011 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. Quote Link to comment Share on other sites More sharing options...
papag Posted October 9, 2011 Share Posted October 9, 2011 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 Quote Link to comment Share on other sites More sharing options...
uztopride Posted October 9, 2011 Share Posted October 9, 2011 Anyone know how can you send messages of solidarity with the Slovakians Contact SAS: e-mail: sas@strana-sas.sk, tlacove@strana-sas.sk, jana.kissova@strana-sas.sk Quote Link to comment Share on other sites More sharing options...
kenzdawg Posted October 9, 2011 Share Posted October 9, 2011 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. Quote Link to comment Share on other sites More sharing options...
Greg Bowman Posted October 9, 2011 Share Posted October 9, 2011 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? Quote Link to comment Share on other sites More sharing options...
'Bart' Posted October 9, 2011 Share Posted October 9, 2011 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. Quote Link to comment Share on other sites More sharing options...
kenzdawg Posted October 9, 2011 Share Posted October 9, 2011 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? Quote Link to comment Share on other sites More sharing options...
redwine Posted October 9, 2011 Share Posted October 9, 2011 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 ! Quote Link to comment Share on other sites More sharing options...
Redcellar Posted October 9, 2011 Share Posted October 9, 2011 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. Quote Link to comment Share on other sites More sharing options...
Greg Bowman Posted October 9, 2011 Share Posted October 9, 2011 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? Quote Link to comment Share on other sites More sharing options...
tahoma Posted October 9, 2011 Share Posted October 9, 2011 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. Quote Link to comment Share on other sites More sharing options...
sims Posted October 9, 2011 Share Posted October 9, 2011 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. Quote Link to comment Share on other sites More sharing options...
Greg Bowman Posted October 9, 2011 Share Posted October 9, 2011 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. Exactly +1 Quote Link to comment Share on other sites More sharing options...
uztopride Posted October 9, 2011 Share Posted October 9, 2011 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. Skoda Home Country: Czech Republic Quote Link to comment Share on other sites More sharing options...
uztopride Posted October 9, 2011 Share Posted October 9, 2011 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. Quote Link to comment Share on other sites More sharing options...
sims Posted October 9, 2011 Share Posted October 9, 2011 Skoda Home Country: Czech Republic Skoda is a wholly owned subsidiary of Volkswagen. Quote Link to comment Share on other sites More sharing options...
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