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It's down to...Slovakia?
European stocks and U.S. shares slipped late morning on word the vote in Slovakia on approval of the European Financial Stability Facility (EFSF) expansion was looking a bit more doubtful.
Much mocking and derision as I have been counting down all 17 euro zone countries that have had to vote to expand the EFSF (Estonia votes yes!). Yesterday, Malta became the 16th country to approve the expansion.
Now we have to endure Slovakian politics to get the final country to approve: It's all become tied to a confidence vote in the current government. Gads.
We'll hold our nose, but send the money anyhow: the troika (European Union/European Central Bank/International Monetary Fund ) examining Greece's finances have finally issued their report. Bottom line: The next 8 billion ($11 billion) tranche of aid "will become available, most likely, in early November."
Not that the examination was a roaring success: "The achievement of the fiscal target for 2011 is no longer within reach, partly because of a further drop in (gross domestic product), but also because of slippages in the implementation of some of the agreed measures."
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