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The EU-Summit Conclusions in Short…

The new European Treaty will include Eurozone’s 17 member states and six more countries but not all 27 EU countries, according to the President of European Council Herman Van Rompuy. The President said that the countries would provide additional funds of €200 billion to the International Monetary Fund. Its managing director Christine Lagarde confirmed this also.

Van Rompuy said that the member states would submit their draft budgets to the European Commission, and admitted that the intergovernmental treaty faces obstacles, however a comprehensive treaty was not feasible. 

European leaders also agreed on changes in the permanent mechanism (ESM) to improve its efficiency. 

Particularly, regarding the participation of the private sector, they agreed to follow the established principles and policies of the IMF. 

In this context, the leaders reiterate that the decisions of July 21 and October 27 corcerning Greece are unique and exceptional. [That is the PSI will be valid only for Greece but not for other EZ members].

They also note that the conditions will include standardized and identical collective action clauses on the new government bonds in euro, in order to ensure liquidity in the markets. 

They stress that voting rules in ESM will be modified to ensure that the mechanism will be able to take necessary decisions in every case. 

Specifically, a special majority of 85% will replace the rule of mutual agreement in case the European Union and the European Central Bank conclude that an urgent decision is necessary, when the euro is under threat.

Source: Capital.gr

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9 comments

  1. Wow! US-puppet Cameron made a hash of it. And for the first time the UK stands totally alone, outside any future decision making. The British have their knickers in a twist since this morning. And now the US comes with this:

    According to news agency AFP, the top US military officer General Martin Dempsey says he is “extraordinarily concerned” about the potential for civil unrest and the breakup of the European Union. Gen Dempsey, chairman of the Joint Chiefs of Staff, says: “… in some ways we’re exposed literally to contracts but also (we are concerned) because of the potential of civil unrest and break-up of the union that has been forged over there.”

    Some circles seem to be panicking big time! 😯
    What’s next? Night time raids on the Krete south shores and Normandy all over again? 🙄
    But more important: the ‘Greek Problem’ is getting more and more sidelined. So throwing us all overboard might be around the corner now…

  2. One more step closer to the EUSSR. My understanding is that several countries need to hold a referendum before this new treaty is ratified. Will Ireland vote ‘No’ once again and be instructed to hold another until a ‘yes’ vote is obtained. Democracy is in it’s last throws.

  3. AntonisX

    You are wrong. It is not Cameron but the liar, war criminal and Champagne socialist Blair who was and is is the US. puppet.

    ‘And for the first time the UK stands totally alone, outside any future decision making.’

    The UK has no wish to be a member of the Euro currency and in my opinion, rightly so as the project is doomed. It is for members of the Euro to address this crisis and protect their currency. This contract does nothing to address the causes of the crisis either now or in the future. There was no growth plan, no mention of increasing the firewall to prevent sovereign debt contagion and no mention of how the enormous gulf in competitiveness between north and south is going to be bridged.

    It is not the British who have their knickers in a twist but the bureaucrats in Brussels + Sarkozy and Merkel who are desperate to protect their national interests at all costs.

  4. One more step closer to the EUSSR

    These empty slogans are nonsensical (bit of a pleonasm, sorry). But to stay in the spirit you should say: “One step closer to the USE.”
    And who knows, maybe one step closer to the USA proper? http://www.bbc.co.uk/news/world-us-canada-16122887

  5. So what is wrong with a pleonasm?

    Certainly not the USA, the last time I looked it was a democracy with an elected president and government.

    • I wouldn’t bother trying to engage AntonisX in a senisble debate where the EU is concerned, as well as seeming to have a downer on the Brits/US he also comes across as a paid up member of the happy clappy EU supporter team. He believes his comments are superior to anyone else’s, and woe betide you you say anything against the EU. To be truthful I get really p***ed at times because he seems to think we shoud all give up our independence & sovereignty (well what’s left ) to the EU and their quest to save the euro and achieve full fiscal unity followed by the ever so longed for Federal State of Europe, so that Greece can continue to receive bailouts. I have every sympathy for Greece but we’re all suffering not just Greece, we’re all having these austerity programmes forced on us which AntonisX can’t seem to get his head around. And you’re right Blair was the poodle, the man in the WH the Obamadestroyer who is wrecking the US doesn’t like Cameron. So here AntonisX is definitely wrong, though he would never admit to EVER being wrong.

      • @Ted Wooller: Did I say anything negative about the USA? On the contrary. My hope is that we will one day end up with a United States of Europe, organized roughly along the USA setup. What’s wrong with that? You on the other hand seem to be convinced that another socialist dictatorship is on the horizon called the EUSSR? Or is it just the dictatorship-thing? It’s not clear to me.

        @Anon: So you see, I have no “downer” on the USA nor the Brits for that matter. And yes, I am a paying member of the EU. Clappy or not it is where I live and pay my taxes. And there is no need to be “p***ed at times”, because if you really read what I have written on this blog you would know that I never ever stated we should “all give up our independence & sovereignty (well what’s left ) to the EU and their quest to save the euro and achieve full fiscal unity followed by the ever so longed for Federal State of Europe, so that Greece can continue to receive bailouts.”
        So, to you it seems to be not about loosing democracy and independence, but it deeply p***es you off that this is all done “so that Greece can continue to receive bailouts.”
        Well, thát’s funny. 🙄
        What I say often is that we, the voters/citizens are in a lot of countries partly responsible for what is happening with these austerity programmes. The governments that implement them are our governments. And we elected the people that should control them. But they don’t and still we keep on voting for them or just abstain and want to go on with our lives.

        And I was wrong about calling Cameron a puppet. It’s childish calling people names like that or “Obamadestroyer”, “Poodle”, “war criminal and Champagne socialist”… And I have no indications that Cameron is a US-whatever. At least not more or less than other politicians in Europe.

        I was perplexed by that strange remark by the US Joint Chiefs of Staff. It might be normal in the USA that the highest soldier in the land makes remarks like that. But what if The Chief of Staff of the German Bundeswehr, the UK Chief of the Defence Staff would make those remarks about the USA or France? I really can’t imagine they would or should, for that matter. And it would be the end of their careers, I guess.
        But I really do not believe in big conspiracy theories. Not by governments, not by civil servants/bureaucrats, not by companies not by secret world governments. Yes I believe in stupidity, criminal intent, fraud, power hunger and all those kind of things. In public and private live.
        A lot of people seem to think that we are in this awful mess because of a Big Conspiracy. But most of those Grand Schemes are nothing more than an excuse to not look into the mirror to see what damage we have done, to grow up and see that we have no one to blame but ourselves. Or am I now part of that big conspiracy of…? 😆