Erstellt am: 11. 10. 2011 - 15:03 Uhr
Another day, another bailout
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Henry Ford famously said "Any customer can have a car painted any colour that he wants so long as it is black". The EU bailout fund vote in Slovakia is much the same. Members of Parliament can vote any way they like, as long as it's "yes" - and if they don't vote yes, there will be another vote, and then another until they do vote "yes".
A "no" vote could do a lot of things. It could make life uncomfortable for Prime Minister Iveta Radicova, it could even bring down the government, and it could ruffle the business community who are anxious to maintain stability for their booming car market in the rest of Europe. But one thing a "no" vote will not do is stop the expansion of the EU bailout fund.
Slovakia is the last of the 17 Euro countries to vote, and the other 16 have all approved the package. The minor coalition partner, the SaS, are abstaining from the vote, angry that Slovakia is being asked to guarantee nearly 8 billion dollars of the 440 billion dollar fund. However, the SaS have also said that they will back the changes on a second vote.
Ironically, whether they back it or not, it's likely that this fund still won't be enough. Some market analysts say the fund needs to be more like 2 trillion dollars to be effective - or put another way, 4 times the amount they are voting on.
Bethany Bell is in Bratislava covering the vote. She told Chris Cummins that it's not so much a vote on the bailout fund, as a confidence vote in the government.
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