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President signs amendment to EFSF to complete Slovakia’s ratification process

Slovak President Ivan Gašparovič signed the legislation ratified by the Slovak parliament on October 14 amending the international agreement on the European Financial Stability Facility (EFSF), Gašparovič's spokesman Marek Trubač told the TASR newswire on October 17. The Slovak parliament was the last among all 17 eurozone countries to pass the enabling legislation following a first unsuccessful vote and the fall of the government of Iveta Radičová on October 11.

Slovak President Ivan Gašparovič signed the legislation ratified by the Slovak parliament on October 14 amending the international agreement on the European Financial Stability Facility (EFSF), Gašparovič's spokesman Marek Trubač told the TASR newswire on October 17.

The Slovak parliament was the last among all 17 eurozone countries to pass the enabling legislation following a first unsuccessful vote and the fall of the government of Iveta Radičová on October 11.

The financial guarantees offered by Slovakia in the expanded EFSF increase from the current €4.4 billion to €7.7 billion. The EFSF's overall capacity will grow from €440 billion to €779 billion. The changes in the EFSF also permits it to provide preventive loans to all eurozone countries, including recapitalisation of domestic banks and purchase of bonds of countries that are having difficulty selling them in the secondary market.

The legislation received the votes of 114 of 145 Slovak MPs present, with 29 voting against the legislation, one MP abstaining and one MP not participating in the vote.

Source: TASR

Compiled by Zuzana Vilikovská from press reports
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