Bloomberg News

Slovak EFSF Proposal Respects EU’s July Agreement, Radicova Says

September 30, 2011

Sept. 30 (Bloomberg) -- Slovak Prime Minister Iveta Radicova said the compromise she has offered to a coalition partner to persuade it to back an overhaul of the bailout system respects the July accord of European Union leaders.

“There will be no change” to the agreement on the European Financial Stability Facility, the temporary aid fund, she told journalists in Bratislava after meeting with EU leaders including German Chancellor Angela Merkel in Warsaw earlier today. Radicova declined to elaborate on details of the proposal she submitted two days ago to the Freedom and Solidarity party, which opposes rescues.

Radicova said she will continue negotiations with the head of the party, Richard Sulik, this weekend. She said the government still lacks a parliamentary majority to support the package, which is designed to enhance the region’s rescue mechanism to prevent the debt crisis from spreading.

Without Slovak approval, the key pillar of the EU’s defense against the fiscal crisis wouldn’t be able to come into force. Slovakia remains one of three countries that haven’t yet ratified the overhaul. The Slovak vote will take place by Oct. 19, Radicova has said.

--Editor: Jennifer M. Freedman

To contact the reporter on this story: Radoslav Tomek in Bratislava at rtomek@bloomberg.net

To contact the editor responsible for this story: James M. Gomez at jagomez@bloomberg.net


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