Reuters: US Dollar Report: Slovak govt approves participation in ESM

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Slovak govt approves participation in ESM May 31st 2012, 16:13 BRATISLAVA | Thu May 31, 2012 12:13pm EDT BRATISLAVA May 31 (Reuters) - The Slovak government on Thursday approved the country's participation in the euro zone's permanent rescue mechanism, the European Stability Mechanism (ESM). A previous administration in the small euro zone member had prompted hiccups on moves by the EU to fight the debt and banking crisis by demanding concessions or refusing to pay its part of bailouts. But Robert Fico, in power since April for a second stint as prime minister, had promised his European counterparts the administration would back the ESM without fuss. Parliament is expected to ratify the treaty swiftly and without hurdles next month thanks to Fico's Smer party holding a comfortable majority of 83 votes in the 150-seat house. The ESM is expected to start operating in July, together with the temporary European Financial Stability Facility (EFSF) and will jointly be able to lend up to 700 billion euros to bail out euro zone member countries.

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