https://www.nordnet.se/mux/web/analys/ny....

Finland and the Netherlands can't block ESM from buying bonds, claims Spanish government according to Bloomberg News. They say only a majority is necessary, not unanimous consent.

ABSOLUTE INSANITY. Contracts, handshakes, wet ink, none of it means anything anymore neither here in this God-forsaken Europe, nor in the US.

According to this article on Bloomberg, it may depend on whether or not it's an emergency ESM.

http://www.bloomberg.com/news/2012-07-02....

Quote:

The Nordic country yesterday cast doubt on the ability of the permanent rescue fund, known as the European Stability Mechanism, to purchase bonds through the secondary market. Finland, which opposes such purchases, argues the process would require unanimity inside the euro area to be possible. It has yet to be decided whether the permanent ESM or the temporary EFSF will provide Spain’s loan.

Quote:

Still, the rules of the ESM include an emergency voting procedure, which requires a qualified majority of 85 percent of the votes cast if the European Commission and the European Central Bank see a threat to the economic and financial sustainability of the euro area. Finland’s parliament voted on June 21 to approve the bailout fund.

Probably just the start of the members with good credit trying to appease their taxpayers.....we don't have that problem in the U.S., since our politicians don't give a rat's ass what the taxpayers think.

Cluster****..........but in a GOOD way! Rally on, bitches

EU's Van Rompoy says individual states can't block the ESM decisions...

That should stir it up a bit!...especially among those who have already signed up

Again, I'm for anything that accelerates the collapse. Bring it on. I'm tired of the can kicking.....

This move seems to be on the back of Oil as far as I can tell

This is IF there is an ESM. The new improved better than ever mega-ubber put-a-floor-under-anything firewall ESM hasn't even been articulated yet, let alone ratified by anyone. And then there's the small problem of the German Constitutional Court not OKing the old version yet, let alone the new vaporpaper one

Well looks to me like the Nords might just want to tell em to **** off and leave the EU. If Merkel wants to sink Germany with other countries FSA payments leave it up to the bitch. To guarantee Spanish debt for Norway, Sweden, and Finland would just be dumber than a bag o dicks

Joseph Cotterill at FT Alphaville took a stab at what those disposed such as Finland and the Netherlands can and cannot do according to the terms of the ESM treaty (as we know it):

http://ftalphaville.ft.com/blog/2012/07/....

EU has not a stellar track record, when it comes to stick to the writing of their treaties.
Up to now on every emergency some rock bottom concept was thrown over board.
Mastrich "no bail out" etc.

http://www.reuters.com/article/2012/07/0....

Partial quote:

Quote:

Dutch Finance Minister Jan Kees de Jager said in the Dutch Senate that his cabinet had initially assumed any treaty changes to allow the ESM to recapitalize banks would have to be ratified by national parliaments. That may not be the case, he said, but it was still unclear whether ratification would be needed or whether euro zone finance ministers on the ESM's board, or council of governors, would be able to approve the changes.

How dare the Senate put Kees de Jager through such torment! Aren't his assumptions and uncertainties enough for them to simply write the check?

By the way, we have footage of his presentation before the Senate:

Well looks to me like the Nords might just want to tell em to **** off and leave the EU. If Merkel wants to sink Germany with other countries FSA payments leave it up to the bitch. To guarantee Spanish debt for Norway, Sweden, and Finland would just be dumber than a bag o dicks
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I do not think that Norway is part of the EU. They are certainly not on the Euro because there is the Norweigan Kroner one of the strongest currencies in the world. Norway has everything to lose and nothing to gain if it became part of the EU. Same for Switzerland.

Change or ignore the contractual restrictions is the play of the day. Who gives a F about the law?

The Finns do not take crap from anyone, up to and including the Russians.

Total bad-asses.

Simo Häyhä - a Finnish sniper. Using a modified Mosin–Nagant in the Winter War, he has the highest recorded number of confirmed sniper kills – 505 – in any major war.

[It was the Finns repulsion of the Red Army in Winter of 1939-40 that caused Hitler to move forward with invasion in June of '41. He knew about Napoleon, but concluded that if the Finns can defeat Russia, Germany will be in Moscow for afternoon tea. Oops.]