May 29

See also:

Greek Bailout: Two Secret Exit Clauses – Why Europe Is Now Cheering For Its Own Demise

Germany: Parliament Votes to Give 66 % of Annual Income Tax Revenue to The Banksters

Greek Central Bank Accused of Encouraging Naked Short Selling of Greek Bonds

ECB Resorts to ‘Nuclear Option,’ Intervenes in Bond Market to Fight Euro Crisis

Pierre Lellouche

EU bail-out scheme alters bloc treaties, says France (Financial Times):

The eurozone’s €440bn debt guarantee scheme is tantamount to the adoption of a Nato-style mutual defence clause and marks an “unprecedented” change to the bloc’s treaties, according to France’s Europe minister.

In an interview with the Financial Times, Pierre Lellouche laid bare the French government’s conviction that the emergency stabilisation scheme agreed earlier this month amounted to a fundamental revision of the European Union’s rules and a leap towards an economic government for the bloc.

“It is an enormous change,” Mr Lellouche said. “It explains some of the reticence.

It is expressly forbidden in the treaties by the famous no bail-out clause. De facto, we have changed the treaty,” he added.

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