5 1 min 10 yrs

Oops. Looks like the Slovaks didn’t get the memo from Brussels;

Slovakia’s parliament has voted against measures to bolster the powers of the eurozone bailout fund, seen as vital in combating the bloc’s debt crisis. The governing coalition had linked the vote to a confidence motion and as a result has effectively been toppled. Slovakia is the last of the eurozone’s 17 member states to vote on expanding the European Financial Stability Fund

Watch the markets in the morning.

Now, this being the Eurozone, No never means No.

However, the BBC’s Rob Cameron says a second vote could be held soon and is likely to succeed.

How odd. They say No which means they will say Yes?

That’s Euro-democracy for you.

This is going to have BIG consequences.

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5 thoughts on “THERE MAY BE TROUBLE AHEAD…

  1. David

    It will not matter if the Slovaks continue to say no. The Euro-federalists will simply change the rules to get the result they need. There is plenty of previous for this.

    But the reality that debt is simply being transferred from increasingly insolvent banks to increasingly insolvent sovereign states (via a super-duper Euro “bailout fund” cannot be avoided. The ***t will finally hit the fan when France and Germany’s credit ratings get downgraded. That day is approaching.

  2. “So in a little over a year, the risk of loss transfer from private companies to sovereign nations has increased from 120 billion, to 270 billion, to 360 billion, to the possibility of 726 billion! That seems bad enough, but the situation is worse than that. At each turn, Greece has underperformed and been found to have bigger needs than previously thought, but the latest IMF decision to go ahead with the next tranche anyways, sends a clear signal to Greece that they are in the drivers seat. Why do more now when IMF will keep picking up the tab until you finally decide that drachma’s suit you better. Portugal cannot be blind. It sees where Greece has failed but still gotten money, and that Italy barely goes through the motions of pretending to try, so why should they?”

    Link here

  3. The Euro has been a complete disaster for Slovakia’s economy.
    They want out of it and may be the first to actually do it.
    Kudos to them.

  4. “So in a little over a year, the risk of loss transfer from private companies to sovereign nations has increased from 120 billion, to 270 billion, to 360 billion, to the possibility of 726 billion!”

    Politics contaminates everything it touches.

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