EU’s Stability Fund Declared Unstable

9 Oct

On the day of its inception…

The negative outlook on the ESM’s Aaa rating reflects the negative outlooks on all but one of its Aaa-rated member states and guarantors. The Aaa-rated member countries that currently have a negative outlook include some that have significant contribution keys, such as Germany (which holds a 27.1% share in the subscribed capital), France (20.4%) and the Netherlands (5.7%). The only Aaa-rated ESM member that has a stable rating outlook is Finland, whose contribution key is 1.8%.

Finland is the only participating EU member with a stable rating outlook… and the Finns want out.  The EU and ESM is a Ponzi scheme of epic proportions.

Spain is borrowing money to loan to Italy to give to Germany to loan to Spain… Spain is all in

They’ll try to hang on until Nov 7

Zero Hedge


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