Slovak Parliament OKs Eurozone Bailout Fund

Oct 13, 2011
Originally published on October 13, 2011 10:18 am

As expected, "Slovakia's Parliament has approved expanding the powers of the European Union bailout fund," The Associated Press reports from Bratislava.

The wire service adds that:

"Slovakia is the last of the 17 eurozone nations to approve increasing the size and powers of the fund, which is designed to boost Europe's defenses against the debt market turmoil. Parliament rejected the changes Tuesday because a junior coalition party was against it, causing the government to fall. The main opposition Smer-Social Democracy then agreed to help the outgoing coalition in exchange for early elections."

Before today's votes, stocks had been on the rise in New York in anticipation of approval. Now that the vote's over, stocks are mostly lower. As they say, "buy on the rumor, sell on the news."

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