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Could Slovakia Bring Down the World Economy?

Could Slovakia Bring Down the World Economy?


Could what goes on in Slovakia, a country with a population of 5.5 million (the size of Denmark), possibly bring down the European Union and the world economy? On Monday, the country, which only recently joined the EU, was the only member of the 17 EU member nations to vote against expanding the EU’s bailout fund, the European Financial Stability Facility (EFSF). Expanding the fund is a necessary measure in securing the euro’s future, by providing additional security for EU countries with weaker economies (Greece, Ireland, Portugal, Spain), though many say that the amount of 440 billion euros to be added is not enough.

Slovakian Prime Minister Iveta Radicova had attached the measure to vote on the EFSF with a vote of confidence in her leadership. One of her government’s parties proceeded to walk out because they could not vote “no confidence” without voting down the fund. As a result, the Slovakian government has been “toppled” and Radicova, now the outgoing prime minister, has asked her coalition to start negotiations with the left-of-center opposition Smer party, which voted no.

So far, investors on Tuesday seem unconcerned: European stocks have been rising (traders had come to expect a no vote) on the hopes that a workaround solution might be devised over the weekend. At a meeting in Brussels earlier today, European Commission President Jose Manuel Barroso said that a “roadmap” is necessary to recapitalize the banking sector and to restore confidence in the eurozone.

For all the dire predictions of the demise of the euro (which have not yet been at all laid to rest) and the fears of Greece defaulting (which does not seem altogether imminent, with the EU seeming likely to give Greece the next tranche of 8 billion euros in early November), it does feel as if the EU has been stumbling from crisis to crisis and responding rather than being pro-active. Global markets seem to have no choice but to ready themselves for the next up-and-down crisis.

As the Guardian comments, the 15 minutes of fame Slovakia has garnered for itself seem more than appropriate, as no one less than artist Andy Warhol is one of the most famous figures of Slovak descent. Warhol’s parents hailed from Miková in the north east of the country and there’s a statue of him in the capital of Bratislava.


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Photo of downtown Bratislava by Chris Yunker

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10:20AM PDT on Oct 21, 2011

Jeanne B. Don't believe everything your read. Smaller and functional??? Like, a bit right wing
don't you think?. Please explain what your so called "shared values" mean in the European or the Human context. Something does not sit right, or maybe it sits too far right.

10:25PM PDT on Oct 13, 2011

Track back on this- Wall Street is at the core.

8:06PM PDT on Oct 13, 2011

thanks for the info

7:54PM PDT on Oct 13, 2011

No. Someone is living in fantasy land . . . . .

4:07PM PDT on Oct 13, 2011

Slovakia does not need to bring down the World economy, that previlege is given to the Elite Illuminati Bansters in Wall street and London. They have been orchestrating that scenario for decades. They have created fiat money out of nothing and have amassed a fortune of 140,000, trillion , which if distributed among the masses would make everyone a millionair. Put all the repitian dastardly creatures in behind bars and take all their ill gotten trillions away from them so that life on this here planet can become bearable for us all. death to the Sanatnic families that are responsible for all the wars , famines, disease and malnutrition for they are behind the mass extermination agenda 21 of the UN and the WHO. Support the revolution against ZIONIST fascism and greed..

11:16AM PDT on Oct 13, 2011

Could Slovakia bring down the world economy? a feather could bring down the world economy.

11:04AM PDT on Oct 13, 2011

Could Slovakia bring down the world economy? One can only hope. Whatever it takes for workers around the world to realize that they are working harder and harder for less and less, even as the wealthy 1% have grown wealthier. We need a global work stoppage: no economic justice, then no work. Let the economy tank. We can eat the rich.

6:49AM PDT on Oct 13, 2011

Old news, they agreed to ratify it.

4:43AM PDT on Oct 13, 2011

Slovakia has some, is it right for me to say it in here, it's such a lovely, decent site? Let's say courage :D

4:08AM PDT on Oct 13, 2011

It is good to see the small and humble Slovakia show its neighbours that it has a backbone. It knows how to stand on its own feet and do what it sees as the right thing to do. This is another case proving that the old Common Sense is anything but common. I would also like to add that there is no obvious correlation between Big and Smart.

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