The coalition proposal comes after a group of 30 opposition MPs submitted their signatures for calling referenda on the laws establishing the Slovenia Sovereign Holding and the bad bank just before the deadline at midnight on 30 October.

Parliamentary Speaker Gregor Virant subsequently dismissed the initiative for the referendum on the bad bank because it used scanned signatures instead of originals, while the referendum initiative on the holding still stands.

If the holding act is not implemented the constitutional right to a welfare state and the rule of law will be in jeopardy, Marko Pogačnik of the ruling Democrats (SDS) told the Committee for Finance and Monetary Policy yesterday.

Finance Ministry State Secretary Aleš Živkovič meanwhile said that Slovenia's credit ratings might drop if the Constitutional Court approved the referendum.

Jerko Čehovin of the opposition Positive Slovenia (PS) rejected this, arguing that credit agencies did not operate this fast, while Matevž Frangeš of the opposition Social Democrats (SD) expressed doubt that the Constitutional Court would label the referendum initiative unconstitutional.