Malta's parliament set to give go-ahead to eurozone bailout fund

Alfred Sant had campaigned heavily against Malta's European Union membership.

Πηγή: M&C
Oct 10 2011


Valletta, Malta - Malta's parliament was Monday set to vote on whether to approve extending the European Financial Stability Facility (EFSF) - a rescue fund for the eurozone's 17-member nations.

The vote was expected at around 8 pm (1800 GMT).

Last week, a scheduled debate and vote was postponed due to an objection by a former Maltese prime minister and current opposition centre-left Labour Party backbencher, Alfred Sant.

Sant, who campaigned against Malta's joining of the European Union in 2004, said the centre-right National Party government had not followed proper procedure in presenting legislation to extend the EFSF.

However, the government's proposal which would authorize the island nation to contribute 704 million euros (930 million dollars) to the fund, is also backed by the majority of Labour lawmakers and is expected to win final approval.

Malta and Slovakia remain the only eurozone countries which have yet to ratify extending the EFSF's lending capacity to 440 billion euros (594 billion dollars).

Extending the EFSF requires the approval of all the eurozone states. The move is deemed necessary by the EU to save financially-troubled Greece from default.