Tuesday, October 11, 2011

Slovakia to the rescue

One of the smallest EU members has been in the spotlight recently. Slovakia is the only country that didn't approve expanded powers for the European Stability Fund. The leader of one of their parties explained his position as:

"How am I supposed to explain to people that they are going to have to pay a higher value-added tax (VAT) so that Greeks can get pensions three times as high as the ones in Slovakia?"


I'm glad someone is willing to make the hard choices. Greece has to default. If the problem is too much debt the solution isn't more debt. Of course the Germans and French will get their way somehow, but perhaps this will inspire others.

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