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Treaty of Debt: Immunity from all legal actions, unaccountable to nobody

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This is a must-see! The European Stability Mechanism (ESM) accord is scheduled to replace the EFSF. The following video highlights the key sections of the proposed treaty. This is a horror story, folks!


Key Details of ESM Accord

  • Article 8 says “Authorized Capital stock 700 billion Euros”
  • Article 9 says “ESM members irrevocably and unconditionally undertake to pay capital calls on them within 7 days”
  • Article 10 allows the ESM board of governors to “change the authorized capital and amend article 8 accordingly”
  • Article 27 says ESM shall enjoy “immunity from every form of judicial process”. Thus the ESM can sue member countries but no one can challenge it. No governments, parliament or any other body or laws apply to the ESM or its organization.
  • Article 30 says “Governors, alternate governors, directors, alternate directors, the managing director and staff shall be immune from legal process with respect to acts performed by them (…) and shall enjoy inviolability in respect of their official papers and documents”

There are no independent reviewers and no existing laws apply. Thus Europe’s national budgets will be in the hands of one single, unelected body that is accountable to no one and immune from all legal actions. Is this the future of the EU or will the German supreme court and other governments put an end to it?


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  1. Merkel is Maggie Thatcher Mark 2 – she is the motor force behind this horror story. Misery and more misery will be our lot. Greece is the laboratory for what we will all face. The German left and workers should be protesting at their Government’s policy of making workers including themselves pick up the tab of the German banks and other major European banks. socialism is the banner we need to raise. In Ireland in the year leading up to the 1913 Lockout we should be calling for a Workers Republic – the policy advanced by Connolly and Larkin . Anne

    a conway

    10/02/2012 at 5:37 pm

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