Slovak lawmakers have rejected the eurozone’s revamped European Financial Stability Facility (EFSF) rescue fund.

The make-or-break vote came after the 16 other eurozone members approved changes to revamp the 440 billion euro ($A603 billion) EFSF, set up in May 2010 after Greece was bailed out to save it from default.

Eurozone leaders agreed in July to boost the EFSF’s powers in the hope of stemming the fallout from the eurozone’s deepening sovereign debt crisis which now threatens the euro project, the bloc’s banking system and the economy.