Spectator on facebook

Spectator on facebook

Radičová attends historic eurozone summit in Brussels

Slovak Prime Minister Iveta Radičová attended a crucial eurozone summit in Brussels on October 26/27. It was held to find solutions to the continent’s sovereign debt crisis, which threatens the banking system and the euro’s future existence. The prime minister received a mandate to participate in the negotiations from the Slovak Parliament's European Affairs Committee, the SITA newswire wrote.

Slovak Prime Minister Iveta Radičová attended a crucial eurozone summit in Brussels on October 26/27. It was held to find solutions to the continent’s sovereign debt crisis, which threatens the banking system and the euro’s future existence. The prime minister received a mandate to participate in the negotiations from the Slovak Parliament's European Affairs Committee, the SITA newswire wrote.

At the parliamentary committee’s session on October 26 Radičová stated that banks that find themselves in trouble should not attempt to address the situation with funds from their subsidiaries. Radičová said she planned to seek inclusion of this clause into the rules on recapitalisation of financial institutions. All the main Slovak banks, whose finances are reported to be solid, are owned by foreign banks based elsewhere in Europe.

"Slovakia will submit an important clause saying that parent banks cannot carry out their capitalisation via their subsidiaries. This was met with understanding and support," said Radičová, as quoted by the TASR newswire.

"I'm sure we'll arrive at an agreement surrounding programmes for countries and bank recapitalisation, I have no doubt there. However, whether we reach an agreement on a programme for Greece remains to be seen," she said.

At the summit, which only concluded in the early hours of October 27, European leaders agreed to cut Greece’s debt by 50 percent, including private banks in the write-down, and to increase the size of the eurozone bailout facility, the European Financial Stability Facility (EFSF), to €1 trillion (€1,000,000,000,000).

Source: SITA

Compiled by Zuzana Vilikovská from press reports
The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.

Top stories

EU roaming fees to end on June 15 – in theory

Slovak customers still waiting to find out how mobile operators will implement change.

Archaeologist pieces together early history of what is now western Slovakia Photo

For an archaeologist, the most important thing is his most recent rare discovery, says Július Vavák.

Students visited Svätý Jur as part of their European Wanderer project

How to sell Slovak books to English readers

Slovak literature makes it to the big bookstores of London, but it is unlikely to become a bestseller yet.

On Wednesday, Slovak literature will be presented in one of the biggest bookstores in London. Among the new books translated into English is also the anthology of current Slovak prose selected and translated by Magdalena Mullek and Júlia Sherwood.

General Prosecutor filed a motion for the dissolution of ĽSNS

The Slovak Supreme Court received a motion to dissolve the extreme right ĽSNS party founded and led by Marian Kotleba.

Jaromír Čižnár