As expected, Slovakian politicians have closed ranks to save global elite bankers meant to preserve the current political welfare based institutions, despite the valiant last stand to oppose the EFSF by the Slovakia’s classical liberal party, the Freedom and Solidarity (SaS) led by Richard Sulik
From Bloomberg,
Slovakia approved Europe’s enhanced bailout fund, completing ratification across the 17 euro countries as the region’s leaders prepare for a summit.
Lawmakers voted 114 to 30 with three abstentions to support the European Financial Stability Facility in the second attempt this week after parliament failed to approve the measures on Oct. 11.
Enhancing the powers of the EFSF, the temporary bailout fund, is crucial for adopting the key element in the strategy to prevent contagion from the debt crisis that has spread from Greece to other countries. European Commission President Jose Barroso yesterday called for a reinforcement of crisis-hit banks, the payout of a sixth loan to Greece and a faster start for a permanent rescue fund to ease debt woes.
So the EFSF appears to defer the day of reckoning. Nonetheless like the Greek mythical beast the Hydra, for each head decapitated, grew two more, today the credit rating S&P downgraded Spain. Governments are likely to clamp down or apply censorship on these politically privileged entities too.
Markets have been gyrating based on a whack-a-mole patchwork approach applied by global governments.
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