Pretty cool. That's my preferred bits "Another official insisted that the German-Finnish-Dutch statement did not reopen or undo what was agreed in June, going on to explain:

"Everybody understands that losses incurred some time ago will definitely not be borne by the European taxpayer in the form of a contingent liability." and "The ESM can take direct responsibility of problems that occur under the new supervision, but legacy assets should be under the responsibility of national authorities."

And, there is a legal problem directly connected to the ESM birth certificate Finland made very clear. Under the conditions a majority of countries subscribed to the ESM and national parliaments ratified it, a recapitalisation of banks shifting the contingent liabilities off the government's books for the passed mishandling of the banking sector has never been included and would require to return before parliaments. Clearly we would have a liability tranfer and the ESM turned into a bad bank, something it hasn't been created for.