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Maastricht Treaty Article 103 (a)

Tyler Durden's picture





 

Many legal fees will be spent in the coming days and weeks for the proper "market-friendly" interpretation of the following clause from the Maastricht Treaty:

ARTICLE 103 a

1. Without prejudice to any other procedures provided for in this Treaty, the Council may, acting unanimously on a proposal from the Commission, decide upon the measures appropriate to the economic situation, in particular if severe difficulties arise in the supply of certain products.

2. Where a Member State is in difficulties or is seriously threatened with severe difficulties caused by exceptional occurrences beyond its control, the Council may, acting unanimously on a proposal from the Commission, grant, under certain conditions, Community financial assistance to the Member State concerned. Where the severe difficulties are caused by natural disasters, the Council shall act by qualified majority. The President of the Council shall inform the European Parliament of the decision taken.

 

 


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Wed, 02/10/2010 - 11:11 | Link to Comment Anonymous
Wed, 02/10/2010 - 11:37 | Link to Comment Daedal
Daedal's picture

Yes, you see, this debt materialized randomly.

Wed, 02/10/2010 - 11:11 | Link to Comment Tahoe
Tahoe's picture

the lega lbeagles will be trying the darnest to make this work for them ..... wonder what the maret will think of those shenanigans.  Wait, why ask that?  going up?!

Wed, 02/10/2010 - 11:14 | Link to Comment Stepney
Stepney's picture

"beyond its control" - my arse!

Wed, 02/10/2010 - 11:42 | Link to Comment georgetown (not verified)
Wed, 02/10/2010 - 11:51 | Link to Comment Missing_Link
Missing_Link's picture

GOD DAMN IT CETIN

YOU ALREADY SINGLE-HANDEDLY RUINED SEEKINGALPHA

GET THE F*** OFF OF ZERO HEDGE!

Wed, 02/10/2010 - 15:05 | Link to Comment BlackBeard
BlackBeard's picture

Stop replying to him and he'll slither off to go blow himself.  Keep replying to his lameness and he'll become your new best friend.

Wed, 02/10/2010 - 11:15 | Link to Comment deadhead
deadhead's picture

You can drive a truck through that hole, it is absolutely wide open.

Maybe someone can advance the "natural disaster" clause to avoid a unanimous vote?

Thanks for being on top of this Tyler. 

I see Dubai was in the news a bit today in re $22B of bond standtills, but, as we all know, everything is okay on that front. Phew....

 

Wed, 02/10/2010 - 12:24 | Link to Comment Anonymous
Wed, 02/10/2010 - 11:25 | Link to Comment cocoablini
cocoablini's picture

Key concept here is,"May, act..."

Wed, 02/10/2010 - 11:26 | Link to Comment Cognitive Dissonance
Cognitive Dissonance's picture

"Where a Member State is in difficulties or is seriously threatened with severe difficulties caused by exceptional occurrences beyond its control......"

Reminds me of a conversation I overheard in a bank years ago where a cronically overdrawn customer is pleading with the customer service representative.

"Make me stop writing bad checks."

Wed, 02/10/2010 - 11:27 | Link to Comment Anonymous
Wed, 02/10/2010 - 11:28 | Link to Comment tpberg7
tpberg7's picture

"Seriously threatened with severe difficulties caused by exceptional occurences.....grant financial assistance"?  The entire incident was a misunderstanding, a Socratic Fallacy.  So someone should grant the Greeks a 50 Billion Euro line of credit with a quickness.

 

 

Wed, 02/10/2010 - 11:30 | Link to Comment bullchit
bullchit's picture

"if severe difficulties arise in the supply of certain products."

Tough to know if the reference would be to Euro or brains.

Regards.

Wed, 02/10/2010 - 11:32 | Link to Comment bugs_
bugs_'s picture

This is supposed to be a happy occasion.

Lets not bicker and argue over who killed who!

Wed, 02/10/2010 - 11:52 | Link to Comment mberry8870
mberry8870's picture

+1000000000000000000000000000000000!

Wed, 02/10/2010 - 11:34 | Link to Comment Anonymous
Wed, 02/10/2010 - 11:39 | Link to Comment John McCloy
John McCloy's picture

This "Natural disaster" clause has been very popular the past few years. Many try to claim a recession is similar to a natural disaster since its an unexpected economic shock. Just a ridiculous excuse to force payouts. Fiscally irresponsible retardation is now next to Hurricane Hugo in the encyclopedia. 

Well wait till they get a look at Hurricane Ben and his aftermath. The eye of the storm is just about crossing overhead now. The biggest hurricanes have the largest eyes.

Wed, 02/10/2010 - 11:38 | Link to Comment Anonymous
Wed, 02/10/2010 - 11:38 | Link to Comment Anonymous
Wed, 02/10/2010 - 11:39 | Link to Comment Anonymous
Wed, 02/10/2010 - 11:40 | Link to Comment nogeithner (not verified)
Wed, 02/10/2010 - 11:42 | Link to Comment ehwotay
ehwotay's picture

1. Without prejudice to any other procedures provided for in this Treaty, the Council may, acting unanimously on a proposal from the Commission

 

And cue intensive round of horsetrading at the summit thurs/Friday

What should the UK hold out for - binning the draft AIFM directive at a minimum

 

Wed, 02/10/2010 - 11:43 | Link to Comment georgetown (not verified)
Wed, 02/10/2010 - 11:48 | Link to Comment jmc8888
jmc8888's picture

It means they need every one of them to vote in favor of the bailout.

 

Why? (because natural disasters take a majority, meaing unanimous, means, unanimous)

 

That's why it's the soverignity sucking killer of a crap law.  Greece is now dependant on a unanimous vote by the big wigs APPOINTED, NOT ELECTED, by the bankers/TPTB of OTHER NATIONS, to bail them out.  Which of course can come with austerity plans rather than being able to do what they want themselves without agreeing to austerity.

 

Of course it was joining the euro, which was a central cog in an extremely broken system that's got them here, not social spending.

 

Amazing. Unanimous. ....and you thought the filibuster here in the U.S. requiring a mere 60 out of 100 was used in asinine ways, imagine having to be 'bipartisan' to the point where EVERY republican or democrat or independant had to agree with you.  (of course much smaller numbers, but unanimous is difficult nonetheless)

 

You want consensus when dealing with matters, to get the best solution, so it is the toughest, but consensus among monetarists is a whole other ball game where consensus is NOT the ideal.

Wed, 02/10/2010 - 11:56 | Link to Comment Anonymous
Wed, 02/10/2010 - 11:59 | Link to Comment Anonymous
Wed, 02/10/2010 - 12:00 | Link to Comment Oso
Oso's picture

Its irrelevant really.  Its like celebrating the sale of Bear Stearns as the end of the meltdown.

 

Denninger has a good rant on this - the impossibility of the math makes this so laughable.  Rallies are to be sold in SP, EUR, Gold, etc.  Dollar is king when you look at the other garbage out there.  And deny as you might, dollar strength acts as a global margin call on leveraged positions.

 

http://market-ticker.denninger.net/archives/1948-Hahahah...-Greecefire-Prompts-Intervention-Rumors.html

Wed, 02/10/2010 - 12:10 | Link to Comment deadhead
deadhead's picture

Its irrelevant really.  Its like celebrating the sale of Bear Stearns as the end of the meltdown

Incredibly well said!  +100

Wed, 02/10/2010 - 12:06 | Link to Comment Anonymous
Wed, 02/10/2010 - 12:58 | Link to Comment Anonymous
Wed, 02/10/2010 - 12:08 | Link to Comment Anonymous
Wed, 02/10/2010 - 12:39 | Link to Comment Anonymous
Wed, 02/10/2010 - 21:52 | Link to Comment Anonymous
Wed, 02/10/2010 - 12:56 | Link to Comment Anonymous
Wed, 02/10/2010 - 13:57 | Link to Comment PolishHammer
PolishHammer's picture

Europe named Island a terrorist state over the Landsbanki deposits, so I can definitely see them naming "financial market speculation" as natural disaster.

 

Not a big stretch tbh.

Wed, 02/10/2010 - 14:14 | Link to Comment Anonymous
Wed, 02/10/2010 - 14:37 | Link to Comment Anonymous
Mon, 04/19/2010 - 10:35 | Link to Comment Tom123456
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