Slovakia Rejects EU Bailout Expansion

The Slovakian parliament voted against the expansion of the temporary eurozone bailout mechanism, the European Financial Stability Facility (DerSpiegel), bringing down the government of Prime Minister Iveta Radicova. The measure, which has been passed by the other sixteen eurozone member states, is expected to pass in Slovakia in a second vote later this week.

GREECE: Auditors from the EU, the European Central Bank, and the IMF said Greece is likely to receive the next €8 billion tranche (Guardian) of last year’s EU-IMF bailout by November. The review must be approved by eurozone finance ministers and the IMF’s executive board. As Greece inches closer to defaulting on its pile of sovereign debt, European leaders must move quickly to recapitalize the continent’s exposed banking sector, says EU economics expert Jacob Funk Kirkegaard in this CFR Interview.

For further information: Council of Foreign Relations