ESM timeline

BN news is reporting that the EU is shooting for a July 9th start date for the ESM, the permanent bailout facility. The story said all 17 countries that make up the euro zone will need to ratify the fund prior. Assuming it happens, the next question will be whether the Germans cede to requests to have it directly recap banks instead of first going thru sovereign governments and if the ECB caves to the desire to give the ESM a bank license that would then let it access ECB funding if needed (could be the next back door QE from the ECB) which would then leverage its firepower.

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