News / Europe

Slovakia Approves Expanded Eurozone Bailout Fund

A nurse shouts slogans during a protest by hospital staff in Athens, October 13, 2011.
A nurse shouts slogans during a protest by hospital staff in Athens, October 13, 2011.
TEXT SIZE - +

Slovakia has approved expansion of Europe's bailout fund for the continent's debt-ridden countries, becoming the 17th and final nation needed to complete action on the plan.

Slovak lawmakers Thursday committed their central European government to a $10 billion share of the $596 billion fund. The approval vote came just two days after Parliament had rejected the deal, toppling the government of Prime Minister Iveta Radicova.

Opposition lawmakers in Bratislava relented in the new approval vote after winning a commitment for a general election in March, two years ahead of when the Radicova government normally would have faced re-election.

All 17 nations that use the euro had to assent to the bigger fund for it to take effect. Initial Slovak opposition centered on the argument that one of Europe's poorest nations should not have to help bail out Greece and possibly other debt-ridden countries where workers enjoy better living standards.

The Greek debt crisis continued to play out across Europe on Thursday.

More Greek workers walked off their jobs in a heightened protest of the government's effort to impose austerity measures to satisfy international creditors.

Public transportation ground to a halt in Athens, while power company workers sought to block their employer from collecting a new property tax and lawyers refused to appear in court. The electric workers said the power company should not be used as a tax collector, with customers threatened with a power cutoff if they don't pay the tax.

The Greek protests are part of a string of demonstrations against the government-imposed austerity measures. The Greek Parliament is set to vote next week on the latest plan, one that would sharply cut the pay for 30,000 civil servants and eventually eliminate their jobs.  

European officials voiced new worries about the effects of the continent's governmental debt crisis. It has roiled international stock markets for weeks, with share values falling again Thursday on London, Paris and Frankfurt exchanges.

The French finance ministry said banks heavily exposed to Greek debt might have to take losses of more than the 21 percent that was proposed in a July agreement calling for a second bailout for the Athens government. Some officials are suggesting that the banks' losses on Greek securities could reach 50 percent.

European financial officials have been pressing banks to increase their cash reserves so that they can withstand possible losses on government bonds they bought from Greece and other debt-ridden countries. But one major lender, Germany's Deutsche Bank, balked at that idea Thursday. The bank said it is the responsibility of governments to restore stability in their finances.

Some information for this report was provided by AP, AFP and Reuters.

You May Like

Video Pope Francis Hopes Dual Canonizations Will Reconcile Church

John the XXIII and John Paul II will be made saints in a ceremony at St. Peter’s Square on April 27 More

Thailand Reacts to Plots Targeting Israelis

Authorities hope arrest of two Lebanese suspects will disrupt plot to attack young Israeli tourists More

Video In Capturing Nature's Majesty, Film Makes Case for Its Survival

'Once Upon a Forest' takes viewers deep into heart of tropical rainforest More

This forum has been closed.
Comments
     
There are no comments in this forum. Be first and add one

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
Pope Francis Hopes Dual Canonizations Will Reconcile Churchi
|| 0:00:00
...
 
🔇
X
Jerome Socolovsky
April 22, 2014 4:14 PM
On April 27, two popes - John the XXIII and John Paul II - will be made saints in a ceremony at St. Peter’s Square. VOA religion correspondent Jerome Socolovsky says the dual canonization is part of the current pope’s program to reconcile liberals and conservatives in the Roman Catholic Church.
Video

Video Pope Francis Hopes Dual Canonizations Will Reconcile Church

On April 27, two popes - John the XXIII and John Paul II - will be made saints in a ceremony at St. Peter’s Square. VOA religion correspondent Jerome Socolovsky says the dual canonization is part of the current pope’s program to reconcile liberals and conservatives in the Roman Catholic Church.
Video

Video In Capturing Nature's Majesty, Film Makes Case for Its Survival

French filmmaker Luc Jacquet won worldwide acclaim for his 2005 Academy Award-winning documentary "March of the Penguins". Now Jacquet is back with a new film that takes movie-goers deep into the heart of a tropical rainforest - not only to celebrate its grandeur, but to make the case for its survival. VOA's Rosanne Skirble reports.
Video

Video Boston Marathon Bittersweet for Many Runners

Monday's running of the Boston Marathon was bittersweet for many of the 36,000 participants as they finished the run that was interrupted by a double bombing last year. Many gathered along the route paid respect to the four people killed as a result of two bombings near the finish line. VOA's Carolyn Presutti returned to Boston this year to follow two runners, forever changed because of the crimes.
Video

Video Pacific Rim Trade Deal Proves Elusive

With the U.S.-led war in Iraq ended and American military involvement in Afghanistan winding down, President Barack Obama has sought to pivot the country's foreign policy focus towards Asia. One aspect of that pivot is the negotiation of a free-trade agreement among 12 Pacific Rim nations. But as Obama leaves this week on a trip to four Asian countries he has found it very difficult to complete the trade pact. VOA's Ken Bredemeier has more from Washington.
Video

Video Robotic Mission Kicks Up Lunar Dust

A robotic mission to the moon was deliberately crashed onto the lunar surface late last week, but not before scientists had collected data gathered by the spacecraft which was designed to self-destruct. VOA's Rosanne Skirble reports on the preliminary findings of the craft, called LADEE - an acronym for Lunar Atmosphere and Dust Environment Explorer.
Video

Video Boko Haram Claims Responsibility for Bombing in Nigerian Capital

The Nigerian militant group known as Boko Haram has claimed responsibility for a bombing in the capital on April 14th that killed 75 people. In the video message, Abubakar Shekau, the man who says he ordered the bombing, says nothing about the mass abduction of more than 100 teenage girls, most of whom are still missing. Heather Murdock has more for VOA from Abuja.
Video

Video Ukraine Developments Hang Over Obama Trip to Asia

President Barack Obama's trip to Asia this week comes as concerns over Beijing's territorial ambitions are growing in the region. Those concerns have been compounded by Russia's recent actions in Ukraine and the possibility that Chinese strategists might be looking to Crimea as a model for its territorial disputes with its neighbors. VOA's Bill Ide has more from Beijing.
Video

Video Autistic Adults Face Housing, Job Challenges

Many parents of children with disabilities fear for the future of their adult child. It can be difficult to find services to help adults with disabilities - physical, mental or emotional - find work or live on their own. The mother of an autistic boy set up a foundation to advocate for the estimated 1.2 million American adults with autism, a developmental disorder that causes communication difficulties and often social difficulties. VOA's Faiza Elmasry reports.
AppleAndroid