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Executive: Speculation driving oil prices
BRATISLAVA, Slovakia, Nov. 26 (UPI) -- Slovak Prime Minister Iveta Radicova said the bailout of Irish banks was akin to participating in a "pyramid scheme."
"If we continue this way, we are close to a pyramid scheme," Radicova said after a meeting concerning the European Union's bailout of Ireland, the EUobserver reported Friday.
Radicova compared the union to a "house made of cards," suggesting the common currency could collapse unless banks accepted some of the costs of the massive bailout, which could reach more than $100 billion.
"Once again, taxpayers are expected to pay the bill. Once again, the banks are being rescued," she said.
"I cannot rule out that we will be soon discussing other countries. And I must point out that Portugal and Spain form communicating vessels."
Slovakia has already turned down an invitation to contribute to the bailout of Greece.
On Wednesday, Slovakian Finance Minister Ivan Miklos, in a speech in Prague, said the bailout of Greece was "essentially a mistake."
Governments in Europe were now "hostage" to the financial markets, he said.
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