The completely delusional universe of EU Leaders

The bumbling explanation of the EU leadership's views on the Portugal crisis, as offered by the blathering dimwit Robert Peston, the BBC's Business Correspondent, on their Radio Four Today prgramme this morning at 0713, is a classic of its gendre and will be linked here for your listening amusment when the audio link is up. Listen now!

Meantime, having agreed a future package which will come into effect in 2013, blithely assuming that the entire structure is not actually collapsing around their ears and eyes, while hearing and seeing nothing, agreement on present arrangements was deferred until June to satisfy the Finns and leave them to elect a Government that will accept no further financial obligations, and the Germans to continue their support for Chancellor Merkel's party for the rest of this month's local elections. Fat chance!

According to potty Peston the ECB will have to handle the bankruptcy of Portugal in negotiations with a non-existing government during the next two months. Commission President Barroso meanwhile can see through the fog, smoke mist and double speak to stoutly declare the following, as reported by EU Observer, linked here:

European Commission President Jose Manuel Barroso, himself a former centre-right leader in the debt-ridden southern state, insisted the country would push ahead with plans to get its budget on track.

"He [Socrates] made it clear that ... whatever will be the next government, all the commitments in terms of the fiscal targets will be respected," Barroso told journalists.

"We expressed confidence in the capacity of Portugal to overcome the current situation and also its capacity to find the funding it may need in the months to come."

So that's all right then! But one question does remain, who will eventually pay off all the bad debts the ECB is accruing?

Finland threatens upgrade of EFS! Euro trembles - Major Banking defaults loom!

The following report comes from Finfacts Ireland, linked here:

It's reported from Berlin that Chancellor Merkel plans to propose that Germany €22bn contributions to the new €500bn rescue fund be stretched over five years rather than four as  agreed two weeks ago.

Meanwhile Finland has dissolved its parliament and will hold a general election on April 17 and is unable to make any decisions on the bailout fund. The right-wing True Finns party, which opposes measures to help embattles countries of the single currency area is expected to do well.

In the Irish Times, further explanation, linked here, on the existing bail out scheme the EFSF, points out:

The EFSF is backed by €440 billion worth of guarantees from euro zone countries but its lending power is limited to €250 billion as a condition of the triple-A credit rating it relies on to secure favourable borrowing rates. This is because only six of the 17 euro zone countries – including Germany and Finland – are beneficiaries of AAA rating.

EU leaders want to increase its lending capacity to €440 billion as part of a new “grand bargain” for the euro zone and most of them, particularly the triple-A countries, agree this should be done by increasing the fund’s guarantees.

But Finland’s centre-right government, under pressure as support rapidly grows for the Eurosceptic True Finns, has refused to increase its guarantees and is not expected to agree an increase at this summit.

Questions of legality for the EU Council for today and tomorrow.

1. Have the Parliamentary procedures followed by Cameron to gain consent to EU Trety changes any legality. (The curious procedures in the Commons and the Lords have lacked consistency and coherence and leave this observer clearly of the opinion that they do not!)

2. Can the EU Council proceed, given that the Government of one of its member states (Portugal) fell last evening and that another (Belgium) has been operating without any democratic legitimacy for months.

3. The Lisbon Treaty, from which come the passarelle provisions, now planned to be used to impose non-democratic economic governance across the European Continent, was rejected by the voters of France and Holland in national referenda, was shamefully re-run in a referendum in Ireland and was implemented by constitutional mal-practice in the UK, in defiance of a clear commitment by the three main political parties at a general election to hold a subsequent referendum on that treaty!

A "Surreal" EU Summit - according to most recent Belgian PM

The Wall Street Jornal reporting on Friday's Brussels meeting, linked here, has this quote:

"There were 18, 19 countries who spoke up to make known their regret on the way it was presented and also on the content," said Yves Leterme, the Belgian prime minister. "It was truly a surreal summit."

A later update has this even more interesting remark, German Chancellor Angela Merkel, read here:

“We are not intending to transfer power to the EU,” she said. “It’s about cooperation among the individual governments.” The idea was, she repeated, for “an inter-governmental agreement without a transfer of power.”

So much for the useless EU Commission, the non-legislation empowered EU Parliament and the over legislating EU Justice pillars then! 

(Suggested extra reading Mary Ellen Synon from the Mail with comments, from here) 

My Precious - Van Rompuy's Quest for EU Economic Governance

Does the above perhaps remind you of somebody? A suggestion:



No Halloween costume really required for EU Council President Herman Van Rompuy, who now prepares to completely neuter 26 sovereign parliaments and their entirely bought-off but presently elected members! The first video above comes from Halloween evening 2010!

Germany's Bundestag will of course rule supreme if this initiative proceeds, but why should it not if all others choose so to sell their own indepenence?

This blog will continue to cover this disgusting spectacle, as it can and as it slowly unfolds. (Coming soon the German Chancellor surveys her new English Country Residence as spineless Cameron, Britain's PM sells out the nation and proclaims it a triumph in Parliament).

Secret Pan-European Governance in action!

The Conclusions of yesterday's European Council at which Britain's Prime Minister surrendered to what is now clearly totalitarianism may be read here. I will restrict myself to pointing out the following clear pieces of nonsense and secretiveness:


1. The European Council today has finalised the European Union's new strategy for jobs and
smart, sustainable and inclusive growth. The strategy will help Europe recover from the crisis
and come out stronger, both internally and at the international level, by boosting
competitiveness, productivity, growth potential, social cohesion and economic convergence.


10. The European Council welcomes the progress report of the President of the Task Force on
economic governance and agrees on a first set of orientations.

15. In particular, the European Council:
a) calls on the Council and the European Parliament to rapidly adopt the legislative
proposals on financial supervision to ensure that the European Systemic Risk Board and
the three European Supervisory Authorities can begin working from the beginning of
2011;

16. The European Council agrees that Member States should introduce systems of levies and
taxes on financial institutions to ensure fair burden-sharing and to set incentives to contain
systemic risk.1 Such levies or taxes should be part of a credible resolution framework. Further
work is urgently required on their main features and issues of level playing field and
cumulative impacts of various regulatory measures should be carefully assessed. The
European Council invites the Council and the Commission to take this work forward and
report back in October 2010.
1 The Czech Republic reserves its right not to introduce these measures.

I have posted on Teetering Tories my views on the clear treachery of David Cameron in attending and agreeing these conclusions;