Thrifty countries don't like bailing out feckless ones. And poor countries don't like subsidising rich ones. Slovakia is the second-poorest country in the euro zone (after Estonia), and it generally runs a tight fiscal ship. It held back from last year's rescue of Greece, and is a stickler on conditions for the forthcoming one. Slovakia's gdp per head (at purchasing-power parity) is $23,000, compared with Greece's $27,000. Its debt-to-GDP ratio was a modest 42% in 2010, against 160% in Greece today. Slovakia's export-centred economy has recovered quickly from the financial crisis. After two years of budget deficits at nearly 8% of gdp, the government is cutting spending and raising taxes to the tune of 2.5% of gdp.
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