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New Czech president to approve EU bailout fund

New Czech president to approve EU bailout fund

The new Czech president has taken a more pro-EU stand than his predecessor by agreeing to adopt the eurozone's new bailout fund.
Milos Zeman said Wednesday he would sign the 500-billion-euro ($647 billion) European Stability Mechanism during the April visit of European Commission President Jose Manuel Barroso to Prague.
Vaclav Klaus, a renowned euro-skeptic, rejected signing it despite parliament's approval in a symbolic gesture that had no legal bearing on the fund's adoption.
The Czech Republic was the last EU country to ratify the fund _ the 17-nation eurozone's key tools in fighting the debt crisis.
The republic is officially committed to join the euro but no date has been set. The country takes on no financial obligations by approving the fund until it joins the euro.


Updated : 2021-07-31 18:15 GMT+08:00