Bloomberg News

Slovak Lawmakers Back Early Elections Needed for EFSF Approval

October 13, 2011

Oct. 13 (Bloomberg) -- Slovakia’s parliament approved a bill on early elections, meeting the opposition’s condition for it to back an overhaul of the European bailout mechanism.

Lawmakers voted to hold elections on March 10, more than two years before a regularly scheduled ballot in June 2014. The move follows the fall of Premier Iveta Radicova’s government, which lost a confidence motion tied to an Oct. 11 vote on enhancing the European Financial Stability Facility, the region’s temporary bailout fund.

Freedom and Solidarity, a junior ruling party, didn’t back the EFSF overhaul, causing the government collapse. The remaining three governing partners yesterday agreed with Smer, the largest opposition party, on early elections in exchange for its pledge to support of the EFSF in a repeated vote that will likely take place either today or tomorrow.

Slovakia, the euro region’s second-poorest member, remains the only country in the 17-member currency union that hasn’t yet ratified the key element in Europe Union’s plan to prevent contagion from the debt crisis and uncertainty about the vote has rattled financial markets.

--Editors: Alan Crosby, James M. Gomez

To contact the reporters on this story: Radoslav Tomek in Bratislava at rtomek@bloomberg.net; Peter Laca in Prague at placa@bloomberg.net

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


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