Saturday

25th Mar 2023

Slovak parties reach deal on EU bail-out fund

  • Robert Fico: the former prime minister is expected to win the early elections in March (Photo: consilium.europa.eu)

The Slovak parliament is set to approve legislation backing a strengthening of the eurozone’s €440 billion rescue fund after the centre-left opposition said it would back a fresh version of the bill in return for early elections.

Hours after the government fell in its attempt to pass a bill approving the changes to the European Financial Stability Facility (EFSF) when one of the four governing parties refused to support the law, former prime minister and leader of the opposition Smer party Robert Fico told reporters a deal had been reached that will see the legislation pass easily with his groups support.

Read and decide

Join EUobserver today

Become an expert on Europe

Get instant access to all articles — and 20 years of archives. 14-day free trial.

... or subscribe as a group

“The agreement makes it possible that either tomorrow night or at the latest Friday morning the fund and the laws tied to it will be approved,” he said. “Slovakia will ratify the bail-out mechanism without any problems.”

A vote is to take place as early as Thursday or Friday.

But the price paid by the governing parties is steep and the country has been shaken as the wider eurozone economic crisis turned into a political crisis in the country.

In return for Smer’s support, the three centre-right coaliion parties that backed the EFSF changes - the Slovak Democratic and Christian Union (SDKÚ), the Christian Democratic Movement (KDH) and Most-Híd - had to agree to elections that will take place on 10 March.

The cabinet is set to propose a constitutional law to bring forward the election schedule, a bill that is to be passed via a fast-track procedure, according to local reports.

Once the election bill has been approved, Smer, which had abstained in the first vote on the EFSF changes on Tuesday evening, will now give its blessing to the alteration of the bail-out fund.

Smer is the big winner of the tussle in the central European country, the last of 17 eurozone states who must approve the EFSF changes before they can take effect. The party leads in the polls.

Were an election to take place today, Robert Fico would handily win back his old job as prime minister.

Slovak refusenik: 'EU bailout fund is greatest threat to euro'

The eurozone's plans to strengthen its rescue fund are being threatened by an ideological row in Slovakia, with the governing coalition failing to resolve disagreement and one coalition partner telling EUobserver the bail-out scheme is "the greatest threat to the euro".

'Final warning' to act on climate change, warns IPCC

The United Nations's report — synthesising years of climate, biodiversity, and nature research — paints a picture of the effects of global warming on the natural world, concluding there is "no time for inaction and delays."

Opinion

EU's new critical raw materials act could be a recipe for conflict

Solar panels, wind-turbines, electric vehicle batteries and other green technologies require minerals including aluminium, cobalt and lithium — which are mined in some of the most conflict-riven nations on earth, such as the Democratic Republic of Congo, Guinea, and Kazakhstan.

Latest News

  1. EU's new critical raw materials act could be a recipe for conflict
  2. Okay, alright, AI might be useful after all
  3. Von der Leyen pledges to help return Ukrainian children
  4. EU leaders agree 1m artillery shells for Ukraine
  5. Polish abortion rights activist vows to appeal case
  6. How German business interests have shaped EU climate agenda
  7. The EU-Turkey migration deal is dead on arrival at this summit
  8. Sweden worried by EU visa-free deal with Venezuela

Stakeholders' Highlights

  1. Nordic Council of MinistersNordic and Baltic ways to prevent gender-based violence
  2. Nordic Council of MinistersCSW67: Economic gender equality now! Nordic ways to close the pension gap
  3. Nordic Council of MinistersCSW67: Pushing back the push-back - Nordic solutions to online gender-based violence
  4. Nordic Council of MinistersCSW67: The Nordics are ready to push for gender equality
  5. Promote UkraineInvitation to the National Demonstration in solidarity with Ukraine on 25.02.2023
  6. Azerbaijan Embassy9th Southern Gas Corridor Advisory Council Ministerial Meeting and 1st Green Energy Advisory Council Ministerial Meeting

Join EUobserver

Support quality EU news

Join us