Eurogroup Considers Bank Bailout, Not Saving Lives from Pandemic, Is Its Priority
March 10, 2020 (EIRNS)—The agenda of the informal, but powerful group of 19 Eurozone finance ministers, known as the Eurogroup, proves that in the midst of the largest pandemic of modern times this supranational body cares more about saving the rotten financial system, and not human lives. Such is the agenda for the March 16 Eurogroup meeting, listing the topics in order of priority:
1. “ESM Treaty—Political endorsement of the package”
2. “Early introduction of the common backstop—Political endorsement of the Draft Amending Agreement to the IGA and next steps”
3. “COVID 19—Economic policy challenges”
The ESM is the European Stability Mechanism, that should become a bank bailout scheme with a backstop function if the bail-in is not sufficient (which is always the case). “Early introduction” means that the backstop function should be operational earlier than planned, so that it can be activated in the expected financial collapse. Once EU member countries undersign the Treaty, European citizens have a rope around their neck. Putting the urgent issue of resources to face the coronavirus pandemic as third means that decisions to release emergency money to countries (e.g., Italy) will be conditioned on approval of the first two items.