Dutch Caretaker Government prepare to cede €40 Billion spending authority to the ESM
The Netherlands (with a share of just 5.7 percent) will not be able to block any ESM measures on its own. Earlier, the Council of State and government auditors were also extremely critical of the permanent emergency fund, particularly the limited opportunities for checking up.
The measures mentioned can cover spending of €4.5 billion in the case of Holland, plus another €35 billion in guarantees. Think how much cash-strapped France is giving away for the ESM which will be as doomed over Spain, Italy, et al just as the EFSF and EFSM have proved over Greece!!