September 10, 2012

OktoberfESM 2012

Too early for Oktoberfest, but just in time for the ESM verdict.

If they rule that the European Stability Mechanism (ESM) is compliant with the German constitution, then the final hurdle will be overcome in establishing a €700 billion bail-out fund, intended for use to prop up struggling eurozone economies.

If they rule that the ESM breaches the German constitution by handing over too much liability to Brussels, then the fund will be blocked for months or even years. Greece, Spain, and possibly even Italy could plunge into the abyss and depart, dragging with them any remaining hopes of eurozone survival.


  1. You make some good comics, Snake, but could you please make them vertical, like the other contributors, instead of horizontal?

  2. Yeah, I'll make an adjustment, thanks for the feedback.