ECB leaders furious with Slovakia
The ECB is furious with Slovakia as news leaks that one of the more recent entries to the European Union has refused to participate in the Greek loan bailout. While the refusal of the Slovak authorities to participate is obviously disappointing it should not impact upon the success or failure of the Greek bailout package. However, it could have far-reaching consequences for those looking to join the European Union in the future.
There is speculation that some members of the European Union and the ECB will vehemently block any new entrants to the European Union unless specific conditions are met with regards to support for fellow European Union members. Many of the smaller nations who recently joined the European Union received billions of Euros in support and aid to assist their own infrastructure and economies but now Slovakia does not feel the need to return the favour.
The Greek economic collapse is something which has been ongoing for some time now and while finances have been made available to the Greek authorities, on the proviso that significant spending cuts will be implemented, the rubberstamping of the bailout package is still going through the European Union. Those who warned of the risk of taking on board smaller members of the European Union will now be sitting back with a wry smile.
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