Slovaks will suffer from euro bailout

Slovakia's endorsement of the extended euro bailout fund was a huge mistake, writes the business daily Hospodárske noviny: "The message from the G20 finance ministers is unmistakable. The Eurozone must pay a higher price for the Greek and Italian debt crisis than initially believed. ... A plan will be presented at the upcoming EU summit for the recapitalisation of private European banks, to facilitate the Greek bailout and maximise the 'firing power' of the bailout fund. As a result Slovakia will have to make further billions available in the coming year. ... In a nutshell, with their pensions of 360 euros the Slovakians must finance the Italian government - and indirectly the Italian pensioners with pensions of 1,700 euros - simply because Berlusconi refuses to economise. Then come the Spanish with pensions of 1,400 euros, and then the Belgians at 2,100 euros. The consequences for Slovakia will be fatal."

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