Treaty establishing the European stability mechanism (ESM): text link and discussion

[He3]

The "S" in ESM doesn't stand for "stability"; it stands for subjugation.

The S stands for stability.

It stands for the same thing in the linked SCG treaty. That one has a couple more words to pay attention to.

The C stands for coordination.

The G stands for governance.

[ibis]

No, it is more likely to be because we are the only country in the eurozone that may have to consult its people on the governance changes being proposed for them.

I'm sure there is no other conceivable reason for having conditionality of any kind on a bailout fund. At all. Really.

[sondagefaux]

Article 48 from this version of the proposed ESM treaty:

ARTICLE 48
Entry into force
1. This Treaty shall enter into force on the date when instruments of ratification, approval or acceptance have been deposited by signatories whose initial subscriptions represent no less than 90% of the total subscriptions set forth in Annex II. Where appropriate, the list of ESM Members shall be adjusted; the key in Annex I shall then be recalculated and the total authorised capital stock in Article 8(1) and Annex II and the initial total aggregated nominal value of paid-in shares in Article 8(2) shall be reduced accordingly.

Article 43 from the now superseded version:

ARTICLE 43
Entry into force
1. This Treaty shall enter into force on the first day of the second month following the date when instruments of ratification, approval or acceptance have been deposited by signatories whose initial subscriptions represent no less than 95 % of the total subscriptions set forth in Annex II. Where appropriate, the list of ESM Members shall be adjusted; the key in Annex I shall then be recalculated and the total authorised capital stock in Article 8(1) and Annex II and the initial total aggregated nominal value of paid-in shares in Article 8(2) shall be reduced accordingly.

[He3]

This treaty has now been signed.

Link

[Al.]

This treaty has now been signed.

Link

You coulda said "rammed down our throats". Hello European Subjugation Mechanism.

[TropicalCandy]

YAY! The business cycle has been abolished, now recessions will correct themselves by...er...magic...no state spending nessicary, you see with the private sector not spending, and the state not spending, the recession, like a toddler looking for attention by being bold, will realize nobodys gonna humor it anymore, and then the recession will go away.

You fools just dont understand the sheer genius of Merkel , its your non ayrian genes.

[He3]

After Greece, who pays what to the ESM?

EU row looms over lending power of rescue funds - The Irish Times - Wed, Feb 22, 2012

[Ulster-Lad]

07.39 While our man in Brussels Bruno Waterfield writes that a battle has ensued over the eurozone's rescue fund, who will pay for it, and how large it will be:
At a G20 summit in Mexico in two days the EU will plead for increased IMF contributions by non-euro countries to help shore up a eurozone "financial firewall" seen as vital to protecting Spain and Italy from Greek debt contagion.
The IMF will refuse to make extra cash available to the EU and will threaten to pull the plug on its contribution to Tuesday's €130bn bailout of Greece unless the eurozone creates a €750bn fund, a move opposed by Germany.
In the wake of this week's deal to prevent a Greek default, Olli Rehn, the EU's economic and monetary affairs commissioner, insisted that a plan to merge two eurozone bailout funds was vital over the next 10 days. Mr Rehn is seeking to fuse the existing European Financial Stability Facility (EFSF) fund, worth €250bn, with a new European Stability Mechanism (ESM), to be created this summer and worth €500bn.

Debt crisis: live - Telegraph

Bit of emphasis on what He3 just posted there.

[He3]

Hello?

Has Enda forgotten this treaty, or is he hoping we will forget it and that no one will notice it is not mentioned in his Dail promise of a referendum?

[He3]

VB has remembered it at least.