Comment // Finance

Is Proposed Eurozone Bailout Illegal?

According to reports

the International Monetary Fund last night issued an extraordinary warning that it might not have enough cash to stem the crisis engulfing the Eurozone, prompting fears that Britain could be forced to find billions more to bail out debt-stricken economies.

and that

Emergency plans are being drawn up for a £2.6 trillion deal aimed at saving the euro by allowing Greece to default on its massive debts.

According to Dan Hannan MEP such action would be illegal under the International Treaty.

Readers can check out the exact text of the Consolidated version of the Treaty on the Functioning of the European Union here.

In order to create the European Union it became necessary for its major proposers and supporters to undermine the democracy of the people. It stole its authority by ignoring the will of the people in various referenda. Now, in order to save its flawed currency, it seeks to make itself immune from the rule of law.

This anti-democratic entity fully deserves to crash and burn. The day of reckoning is soon to arrive.


Editor's Note: It seems that German Constitutional Judge Peter Huber agrees. Unfortunately for Germany, though, constitutional change can be pushed through by a two thirds majority in Parliament. No serious limitations there, then.