Wednesday, February 01, 2012

Facts on the ESM signing from Malta

The ESM may be signed tomorrow as it has been effectively almost completely neutered, contrary to my posting of earlier this afternoon, and the reference in the linked report from Malta HERE, that it is effectively a European IMF, is clearly risible nonsense!

As I stated earlier, even though it is supposed to be in effect from July it does require parliamentary ratification from all signatories, but the toughest is already there, that being from Finland which has obtained its price in unanimity of decision making!

The signing ceremony will be at Representative level and take place tomorrow. Originally, the ESM was meant to come into effect next year, but its appearance on the markets has been hastened and it will come into effect in July.
Dr Gonzi said the treaty will have to be ratified by member state Parliaments, including Malta’s, by next year.

My original statement that it was planned to commence before it had been signed seems effectively true, though perhaps, in view of the worthless Representative signatures, I should amend that to "legal effect".



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