EU says loan for Greece not to be affected by Slovakia's vote

13:14, August 12, 2010      

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The European Union (EU) said on Wednesday that the rescue loan for Greece would not be affected after the Slovak parliament voted not to foot the bill.

"This development does not put in danger the loan to and the reform program of Greece ... the Slovak parliament vote will not have any negative implication for the disbursement of the installments of the loan," EU Economic and Financial Affairs Commissioner Olli Rehn said in a statement.

The Slovak parliament voted overwhelmingly against Bratislava's participation in the EU rescue package for Greece earlier Wednesday. The final decision made Slovakia the only eurozone country which refused to pay for the 110-billion-euro (143-billion-U.S. dollar) bailout of Greece.

Eurozone finance ministers agreed in May to provide a total of 80 billion euros (104 billion U.S. dollars) in loan to help Athens avoid a debt default, while the International Monetary Fund (IMF) would also contribute 30 billion euros (39 billion U.S. dollars).

Rehn said the Slovakia's decision was "a breach of the commitment undertaken by Slovakia in the eurogroup to provide temporary and conditional financial assistance to Greece."

"I can only regret this breach of solidarity within the euro area," he said, adding the eurozone and EU finance ministers were expected to discuss the issue at their next meeting scheduled for Sept. 7 in Brussels.



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