"...Simple Math
Bear in mind this raises the permanent fund above the agreed upon amount. The German Supreme court has stated this cannot be done without a voter referendum.
Please see Germany's Top Judge Throws Major Monkey Wrench Into Leveraged EFSF Machinery, Demands New Constitution and Popular Referendum for Further Powers for details.
There is no way voters will approve this.
Also bear in mind the German Supreme court has ruled there should not be a permanent bailout fund at all. I am unclear if the ruling meant beyond the ESM or at all all. Either way, there should be a popular referendum on the matter, with an emphasis on "should be"..."
at http://globaleconomicanalysis.blogspot.com/2011/10/magic-turns-340-billion-euros-into-940.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+MishsGlobalEconomicTrendAnalysis+%28Mish%27s+Global+Economic+Trend+Analysis%29
- The total overall cap is 500 billion Euros
- 160 billion Euros has been spent
- 340 billion Euros remains
- 340 billion Euros + zero Euros = 940 billion Euros
Bear in mind this raises the permanent fund above the agreed upon amount. The German Supreme court has stated this cannot be done without a voter referendum.
Please see Germany's Top Judge Throws Major Monkey Wrench Into Leveraged EFSF Machinery, Demands New Constitution and Popular Referendum for Further Powers for details.
There is no way voters will approve this.
Also bear in mind the German Supreme court has ruled there should not be a permanent bailout fund at all. I am unclear if the ruling meant beyond the ESM or at all all. Either way, there should be a popular referendum on the matter, with an emphasis on "should be"..."
at http://globaleconomicanalysis.blogspot.com/2011/10/magic-turns-340-billion-euros-into-940.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+MishsGlobalEconomicTrendAnalysis+%28Mish%27s+Global+Economic+Trend+Analysis%29
