Tag Archives: European Stability Mechanism

Der Spiegel – Up To Two Trillion Europe Plans To Leverage Euro-Zone Bailout Fund – 24 September 2012

Officially, the ESM permanent euro-zone bailout fund is worth 500 billion euros. That, though, might not be enough, which is why euro-zone governments are now planning to introduce levers that could mobilize up to 2trillion euros, SPIEGEL has learned. Finland, though, is skeptical of the idea.

With the launch of the permanent common-currency bailout fund, the European Stability Mechanism (ESM), just around the corner, euro-zone member states are looking into ways to leverage the €500 billion ($647 billion) available to the fund, SPIEGEL has learned. But with Finland still concerned about the leveraging plans, it is unlikely that they will be initially included when the ESM is launched on Oct. 8. Continue reading

John Ward – UK Recession : Gipsy Merv Foresees A Recovery…. But Next Week Sees The Spanish Bailout – 21 September 2012

See Mervyn stare at glass globe. Hear Mervyn say things are recovering. And adding “albeit very slowly”. See Mervyn use the eurozone as a caveat. He should wear a tie like normal people. See a black cloud hanging over Merv’s parade. Continue reading

Anne Seith – A More Perfect Union – Bank Oversight Plans May Threaten ECB Independence – 9 July 2012

At the last European Union summit, leaders agreed to establish a banking oversight authority. It remains unclear, however, what such a system might look like. The European Central Bank is to play a role, but can it maintain its independence? Continue reading

Finland Could Leave The Eurozone Rather Than Pay Other Nations’ Debts, Says Jutta Urpilainen – 6 July 2012

Finland would consider leaving the eurozone rather than paying the debts of other countries in the currency bloc, Finnish Finance Minister Jutta Urpilainen has said.

“Finland is committed to being a member of the eurozone, and we think that the euro is useful for Finland,” Ms Urpilainen told financial daily Kauppalehti, adding though that “Finland will not hang itself to the euro at any cost and we are prepared for all scenarios”. Continue reading

John Ward – Euroblown : Now It Really Is, As Spain & Italy to get… – 20 June 2012

$750 BILLION

That’s $1500 for every EU citizen…to bail out two countries

Worse still, two-thirds of it doesn’t exist

Every penny of it represents completely wasted money. Why?

Because it is a muddle-through hybrid like everything Sprout & Kraut Inc do: it won’t stop the financial forest fire engulfing Europe, and it isn’t a bailout: it’s simply designed to buy up the bond debt for which Spain and Italy are liable. Continue reading

John Ward – Breaking : German Supreme Court Rules Against Merkel On ESM. Will She Now Recognise The Rule Of Law? – 19 June 2012

Karlsruhe Judges…fancy dress, or citizen protection with teeth?

The Karlsruhe judges today found that the center-right coalition government led by Chancellor Angela Merkel had breached the rights of the German parliament by failing to sufficiently inform lawmakers during negotiations towards the creation of the permanent euro rescue fund, the European Stability Mechanism (ESM).

This decision is “a further important building block in a series of decisions by the Constitutional Court that strengthen parliamentary responsibility in the context of European integration,” the president of the court, Andreas Vosskuhle, said.

But is it? If – like the case for a Weimar ruling against Nazi violence in 1931* – it is simply ignored, then what good is Karslruhe?

The decision follows another that the court handed down in February, in which it struck down a plan to create a committee of just nine members of the Bundestag to decide in secret about emergency measures regarding the euro. Then too, the court argued that the entire assembly must be involved in such decisions.

But it did not declare an ESM unconstituional in Bundeslaw…even though it obviously is, because of the anti-fiat money printing clauses in the BundesRepublik constitution.

Ironically, the court heard the case based on a complaint brought by the opposition Green party. No members of the anti-Warmist Right were to be seen anywhere in all this. Equally ironic is Wolfgang Schäuble’s obsessive fixation with a hyperinflation that occurred under entirely different circumstances ninety years ago.

However, far more significant than any irony is the reality that the Bundestag and the upper house, the Bundesrat, are expected to approve the creation of the ESM when they vote on the issue on June 29.

The educated sector of German life needs to get on top of this…unless Germans want to change their nation’s name to ‘DDR’.

* In 1931, the German Jewish lawyer Hans Litten became the only ordinary German citizen ever to bring Adolf Hitler into Court and interrogate the future Fuhrer. Litten’s demolition of Hitler’s argument that the Nazis were a peaceful, democratic movement earned the lawyer years of brutal persecution.  His obviously valid case against the Nazis was undermined throughout the trial by a frightened Judge. He died in a concentration camp in 1939.

http://www.hat4uk.wordpress.com Link to orignal article

Mish/ Mike Shedlock – German Vote On ESM Fails; Still Not Ratified By Germany, Austria, Belgium, Estonia, Slovakia, Netherlands; Political Football Over Financial Transaction Tax – 14 June 2012

The Wall Street Journal reports European Economics Commissioner Olli Rehn expressed concern Monday that Germany, Austria, Belgium, Estonia, Slovakia, and the Netherlands were dragging their feet in ratifying the ESM.

In the meantime, the Journal reports Spain May Tap EFSF.

The article states “Power broker Germany has yet to complete the process but is expected to do so soon.” Continue reading