European Stability Mechanism

[gwinnie]

A European IMF?

Polemic: www.youtube.com/watch?v=5CZr17HLH5U&feature=player_embedded#!

Draft treaty: www.openeurope.org.uk/docs/draftesmtreaty.pdf

NB

3. The ESM, its property, funding and assets, wherever located and by whomsoever held shall enjoy immunity from every form of judicial process except to the extent that the ESM expressly waives its immunity for the purpose of any proceedings or by the terms of any contract, including the documentation of the funding instruments.

[smash]

Ahhh, i get it. First we bailed out the finance sector, then we talked out bailing out an whole soveriegn state(s) Greece, maybe others, but we ended up bailing out an entire monetary union.