Coming in June: European Stability Mechanism ???

DriftingByTheStorm

Anyone heard of this freaking "thing" ?

Wiki: European Stability Mechanism

Like some Pan-Euro Authority with banking powers related to the "Euro Bail Out", or as wiki puts it "a permanent rescue funding programme".

A $700 Billion Dollar "Fund", but here is a great kicker for all the nations whose leaders sign:

[Article 9]: “. . . ESM Members hereby irrevocably and unconditionally undertake to pay on demand any capital call made on them . . . within seven days of receipt of such demand.”

Oh and read the rest of the article below, and you see the legislation includes provisions for the alleged absolute legal protection ("untouchable") of all functionaries of the "Fund", and to all assets of the fund itself.
Jeez.

Europe's answer to "stability" is a permanent Mafia "Protection" Racket?

Forgive my skepticism on this, but...
???

The European Stabilization Mechanism, Or How the Goldman Vampire Squid Just Captured Europe

Pap

[Article 9]: “. . . ESM Members hereby irrevocably and unconditionally undertake to pay on demand any capital call made on them . . . within seven days of receipt of such demand.” . . . If the ESM needs money, we have seven days to pay. . . . But what does “irrevocably and unconditionally” mean? What if we have a new parliament, one that does not want to transfer money to the ESM? .


This is exactly what we, Greeks - lending with the biggest rate in the whole Europe - tried to do just two days ago. Unfortunately in a dead end way. We may need to vote again. We'll see.