Just thought this might be interesting :
Publications of the BDST (LV-Bavaria) and the Taxpayers-Europe
Coup by the government against the people
ESM Contract: Mega-Bank + meltdown
Brief analysis of the Association of Taxpayers
It is worth reading the English translation above.
Some notes on the ESM :
# The ESM is supposed to replace the temporary EFSF rescue fund.
# The ESM is supposed to enter into force as soon as those countries joining pay up 90 percent of the capital.
So far, only 4 countries have paid : France, Slovenia , Portugal and Greece .
In Holland, the overthrown government has delayed the ratification until July
The ESM was planned for mid-2013 with a loan volume of €500 Bio. and a capital of €700 Bio.
...... & Merkel wanted it moved forward to mid 2012.
The Dutch want the Spanish Bailout to come from the ESM.
So far, the ESM is NOT allowed to support to the banks AFAIK.
.... The ESM contract would have to be expanded for this.
..... & IIRC, the EU Commission recently proposed that the ESM the should provide failed banks directly with fresh capital.
There is strong "public opposition" as well as politicial opposition in Germany to the ESM idea ... which basically means a Federal Fiscal States of Europe .... later forcing total political union ( or disorder IMO ) .
If anyone is better informed , please feel free to correct me.