Austria: Euro Rescue Fund Could Start Without Slovakia

Wednesday, 12 Oct 2011 06:59 AM

 

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The eurozone could launch its European Financial Stability Facility safety net for struggling members even if Slovakia fails to ratify a beefed-up EFSF, Austrian Foreign Minister Michael Spindelegger said in a radio interview on Wednesday.

But he said he assumed Slovakia would still approve the fund despite domestic political wrangling that brought down the government on Tuesday.

"If Slovakia does not approve then we have to reevaluate. That means we either we install the safety net nevertheless — we have to see if that is possible legally. I personally would favor this."

"Or we can take note of the fact that this doesn't work and set up a new treaty. This would be difficult and linked to a big delay. I would not see this as the right path. But let's not speculate on what might happen."

He said the parliament in Bratislava still had until Oct. 23 to approve the EFSF, adding: "I think there are good reasons to believe this will happen."

© 2014 Thomson/Reuters. All rights reserved.

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