Main focus of Wednesday, October 12, 2011

Slovakia blocks euro bailout

The Slovakian parliament rejected an extension of the euro bailout facility EFSF on Tuesday evening. At the same time the coalition under Christian Democratic Prime Minister Iveta Radičov collapsed because it had tied the vote to a motion of confidence. Domestic power games have discredited the country and shown once more how obstructive the principle of unanimity is, the press writes.

Slovakia highlights EU's weaknesses

Slovakia's No to the extension of the euro bailout fund is a clear illustration of the weaknesses of the EU, the business paper Les Echos writes: "Whatever course this episode takes, it illustrates once again the absurdity of the EU's mode of operation. Slovakia's vote - with five million inhabitants - carries just as much weight as that of Germany, France or Italy regarding the future of Greece and the euro. It is legitimate that an organ should exist where all states have the same voting rights, as is the case in the US Senate. But this equality is not practicable when it concerns central decision-making processes or when, like today, a decision is urgently needed. There are several potential scenarios: one could replace the principle of unanimity with the majority principle, or abandon the principle of one country, one vote. But one thing is clear: if Europe wants to move forward it's got to shift into a higher gear." (12/10/2011)

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More from the press review on the subject » EU Policy, » EU treaties, » Federalism, » Slovakia, » Europe
All available articles from » Dominique Seux

Just an internal power struggle

Slovakia's vote on expanding the euro bailout fund was actually about the balance of power on the domestic front, writes the business paper Hospodářské noviny: "It was idealistic to believe that Europe would give up its ambitions just because Slovakia, or rather the leader of one of the coalition parties there, is against them. Another key factor is that the vote on raising the contribution to the bailout fund had little to do with Europe or saving the euro or Greece. It was really about a domestic trade-off over the post of head of government and about who gets to call the shots on the Slovakian budget. Which means that in the end it was all about money again. And not just money for Europe." (12/10/2011)

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More from the press review on the subject » EU Policy, » Domestic Policy, » Fiscal Policy, » Slovakia, » Europe
All available articles from » Julie Hrstková

Breach of promise leads to isolation

With the rejection of the proposal to enlarge the euro bailout fund Prime Minister Ivata Radičová's four-party coalition has collapsed because it had tied the vote to a motion of confidence. The country has discredited itself both domestically and abroad, writes the liberal daily Sme: "Radičová's end does not bode well, apart perhaps from the fact that the [neo-liberal] SaS members of parliament can now look at themselves in the mirror with a feeling of satisfaction. Sulik's No has put an end to any chance of reform for a long time. Certainly, this government was a complicated formation. Nevertheless it was taking the country in the right direction. ... From a foreign policy perspective Slovakia has become a Euroepan eccentric that can't keep its word and menaces the entire Eurozone. There's no telling what might come our way at present, but once thing is clear: [former Social Democratic prime minister and current opposition leader] Fico will once again play a decisive role. That means there's even less hope for a normal government." (12/10/2011)

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More from the press review on the subject » EU Policy, » Domestic Policy, » Fiscal Policy, » Slovakia, » Europe
All available articles from » Matúš Kostolný

Eurozone needs more discipline

The faltering plans to extend the EFSF euro bailout should not be the only measure aimed at combating the European debt crisis, writes theleft-liberal daily Delo: "The Eurozone must once more return to a strict limitation of budget deficits and common debt. In as far as possible sanctions for deficit sinners should be automatic, and at the very least a common control mechanism should be pushed through. And if banks keep lending money to irresponsible states they should be made to pay the price. The corruption which afflicts Greece and other states must be fought as soon as it becomes apparent." (12/10/2011)

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More from the press review on the subject » Financial Markets, » Banks, » Greece, » Slovakia, » Europe
All available articles from » Barbara Kramzar

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