Trader Talk

EFSF Bailout Fund Vote a 'Horror Show'

"This is a horror show...we have to do this vote with 17 countries? How can you go home with stock overnight?" That's what one trader said to me, after Austria said it would delay voting on changes to the EFSF bailout fund until October. A parliamentary committee did not approve the bill for a quick vote that the government said would happen on September 21.

I'll make this simple: no one in the 17-nation eurozone wants to go first on this vote because they are hoping someone else votes it down first — certainly no one in the northern countries want to vote now, because the vote is politically unpopular.

It certainly is in Austria: most politicians there have been opposed to giving Greece more money, unless the Greeks live up to previously agreed conditions.

On September 23, Germany is supposed to begin debate on the EFSF bailout, with a vote scheduled for September 29 or 30.

How long does this go on for? The trader above has good reason to be concerned: Slovakia is not scheduled to vote until December.

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