No Plan B was being prepared for Slovakia.
The ratification of the enhanced EFSF is the best signal Slovakia can send to its partners in the EU and the eurozone this week, Vice-President of the European Commission responsible for Inter-Institutional Relations and Administration, Maroš Šefčovič, said for SITA news agency. Some media have recently disseminated the information that the rescue mechanism could function even without Slovakia’s nod, which Sefcovic denied.
"Such scenarios may be underway in the media but certainly not in the European Commission. No Plan B was being prepared for Slovakia. The Slovak Republic has declared a clear commitment at the top level that it wants to participate in this mechanism and is ready to bear its share of responsibility. Therefore, no one took into account the option that the Slovak Parliament would not approve the bailout fund and no one was working on substitute scenarios," he noted.
The Commission does not consider it possible that the Slovak legislators would reject the bailout fund again. Talks of Slovak leaders with their partners in the EU dismissed this scenario as well. Intensive communication of Slovak political leaders with their partners in European institutions and member states resulted in a positive effect on Wednesday morning. They have tried to explain and alleviate tension triggered by the fund's rejection on Tuesday, according to Sefcovic.
Brussels was upset by the fact that the Slovak Cabinet agreed to expand the EFSF in July but failed to push through the changes in parliament. "Not only this decision but also a lengthy and very polarizing debate about this topic in Slovakia displeased out partners. At present, we are a partner closely watched by all colleagues in the EU and particularly in the euro club," he said. The EC Vice-President thinks that the ratification of the European Stabilization Mechanism, the permanent bailout facility, will have to be expedited, as well. The scheme should be launched earlier. "Experts and finance ministers have been debating the future use of this mechanism. There also is a discussion about more tools since the crisis is so extensive that the EU must construct instruments to counter the crisis offhandedly," he concluded.
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