Members of the Slovak Parliament voted overwhelmingly (114 - 30 with 3 abstentions) to support the European Financial Stability Facility (EFSF) reversing an earlier move to oppose the expansion of the bloc's rescue package.

At first, the Freedom and Solidarity Party of Richard Sulik was against the idea of enhancing the EFSF and allowing it recapitalize banking institutions and purchase sovereign bonds because these would be only be detrimental to Slovakia's economy.

Economic experts say expanding the transitory bailout fund may be the key to prevent contamination from the debt crisis which has already spread from Greece to other Euro nations.

The EFSF was established last year after Greece was first bailed out to save it from default. Slovakia was then the only euro zone member to refrain from the voting for the first Greek rescue package.

European Commission President Jose Barroso has called for a strengthening of crisis-hit banks, the disbursement of another loan to Greece and a permanent rescue fund to reduce debt problems in the continent.

The extended powers of the 440 billion-euro ($600 billion) EFSF would enable the fund to acquire the debt of stressed euro-area nations, aid troubled banks in the region and offer credit lines to governments, according to a Bloomberg report.

European Central Bank President Jean-Claude Trichet declared that leaders of EU nations should get their acts together to resolve the debt crisis.

A European Summit of the heads of state and government of the EU will be held in Brussels starting on Oct. 23.

The ECB has taken on the principal burden of keeping Europe's banking system from disintegrating while prodding governments to take on more responsibility as leaders struggled to control the turbulence.

Barroso believes that a European Council and euro zone summit would produce vital actions regarding Greece and policies to "boost the euro area's backstops against the crisis, strengthen the banking system, accelerate growth and fortify economic governance."

Meanwhile, leaders of Germany and France have made the commitment to help in the realization of these initiatives.