tag:blogger.com,1999:blog-5882645467378797266.post1757684382989992547..comments2023-07-17T11:55:51.363+02:00Comments on ObservingGreece: Comments on the ESM-Treaty from a non-lawyerkleinguthttp://www.blogger.com/profile/12491174042954678023noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-5882645467378797266.post-51696083333200277732013-03-12T08:47:42.972+01:002013-03-12T08:47:42.972+01:00On the immunity clauses, I would strongly assume t...On the immunity clauses, I would strongly assume that the drafters of the ESM took the language directly from the IMF statutes. They match up pretty well word for word.<br /><br />http://www.imf.org/external/pubs/ft/aa/index.htm<br /><br />And as for why the IMF has them, I think its best to remember that national sovereign states have "sovereign immunity". And that an international fund in the business of lending to sovereign states, and wishing to be able to assert that its loans have legal priority over other loans (like the IMF and ESM do), needs some pretty tough clauses to "level the playing field".<br /><br />Otherwise, the IMF and ESM are in the same position as a "vulture fund", legally, as respects the claims on a sovereign defaulter.Richard Bourkehttps://www.blogger.com/profile/15510809612151756954noreply@blogger.comtag:blogger.com,1999:blog-5882645467378797266.post-80478558344362564722012-09-12T08:33:26.391+02:002012-09-12T08:33:26.391+02:00Herr Kastner
I have long questioned this treaty, ...Herr Kastner<br /><br />I have long questioned this treaty, and especially in the light of the quotes you have made. <br /><br />"I do suggest, however, that political leadership has immensely fallen short of its responsibility to explain the ESM-Treaty in more detail to the people."<br /><br />Not only that but the ECB fell short of its responsibilities when lending large sums of money to the peripherals. Much of the problem that the Eurozone faces was caused by their sheer ignorance. <br /><br />An executive needs to be personally responsible - indeed it is part of what makes an executive an executive and not a bureaucrat. <br /><br />One thought I would have posted on the Slog (had I not been banned) was the question of how this would be enforced. The EU has no army, and even with an army half the size of Britain's, the Germans could wag fingers. Gemmahttps://www.blogger.com/profile/01544898113676166032noreply@blogger.com