(Whoops + yikes) x five

Kevin Drum has sharp eyes.  He cites this passage:

The €440 billion pledged by euro-zone governments isn't immediately available cash in hand. Instead, a specially created off-balance-sheet entity will borrow the money, as needed, and then lend it out to the country or countries in trouble. The special entity's borrowings will be guaranteed by euro-zone countries – excluding the country asking for aid. This construction helps skirt the EU treaties' prohibition on one state's assuming the debt of another….This portion would need approval by the parliaments of contributing countries, something that could delay a rapid payout of funds.


Not to worry. This would have bite if it would include referenda. Since Europe has parliamentary democracy, the whip would work nicely. I can't see a single government falling on this issue. There is simply too much at stake.

Tyler, just a question: do you think that European (and American) politicians are pyromaniac firefighters or firefighting pyromaniacs?

Sounds like they are allin with squadouche.

I have read - and take the information with a grain of salt since I am not a lawyer - there is no limit on the cost of cleaning. In addition, the OPA makes the offender strictly liable for cleanup costs, which means that if these costs have demonstrated that the offender must pay separately (there are several defenses, as an act of war, but it is unlikely that additional .) The offender is also strictly liable for up to 75 million dollars in economic damage over cleanup costs. Thus, $ 75 million is only a limit strictly liable for damages, the damages if it appears that BP has to pay anyway. But there is no limit, even taking possession by the economic damage if BP did not follow the rules or otherwise negligent

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