The unrepayable excesses of the ECB
The balance sheets I am used to perusing usually require assets and liabilities be balance but disregarding that the figures here are mind blowingly awful and have been apparently now buried. The truth they reveal cannot for ever be so hidden.
If one country leaves the Euro Group (and now it is clearly a matter only of when and which one, not if) then these balances will have to de divided out amongst the 17 members and accounted for in some manner! Massive national defailts will have to result.
Looking at the agreed shares planned for the ESM and taking a round total of $22 trillion the liabilities for those nation's still considered as paymasters will be as follows:
Finland 1.8% .......... $396,000,000,000
Netherlands 5.7% ... $1,254,000,000,000
Germany 27.15% .... $5,973,000,000,000
These amounts also assume all the other broken ex Euro Group members will meet their own shares, as laughingly assumed in the recent Spanish budget for 2013, upon which I also tweeted yesterday!
Of course there may be some offsetting assets truly with some value on the other side of the ECB balance sheet, but knowing the EU and the ECB, are there any out there, seeing the years of corruption, layers of incompetent officialdom, the lunacy of the regulations and uneconomic green policy excesses; the lavish wining and dining and useless travel of the national and EU officials involved and the sheer vantity and repulsiveness of the ideas behind the project - can all that have left much more than a row of beans on the supposed asset side of this dreadful EU project?