In your haste to make a cheap shot, you failed to include the full quotes from Socialism Today
There was no intention of a "cheapshot" and I certainly do not read "socialist rags", socialismtoday.org/154/abyss.html?, this explains a lot about your animosity but lets not drag this down to your level.
This is the link you need,,,,,,,,,,,,,,
Its a bit long but you will see that the Greek, Irish, Portuguese bailouts were all illegal
Just the important bits:-
"Few people, however, bother to examine the treaties and there has been little debate on this important area. Article 123 of the Lisbon Treaty prohibits the ECB and the national central banks from lending to governments. It is quite explicit and was designed to encourage fiscal discipline and protect central bank independence. It is replicated in Article 21 of the Protocol on the Statute of the European System of Central Banks and the ECB which provides that:
In accordance with Article 123 of the Treaty on the Functioning of the European Union, overdrafts or any other type of credit facility with the ECB or with the national central banks in favour of Union institutions, bodies, offices or agencies, central governments, regional, local or other public authorities, other bodies governed by public law, or public undertakings of Member States shall be prohibited, as shall the purchase directly from them by the ECB or national central banks of debt instruments.
What the EU has done is illegal, it seems you do not understand, so don't go on about Germany objecting to this, they were implicit, even to the point of breaking their own laws.
Call it a fudge, a slight bending of the rules etc,its still bloody illegal.
Anything to save the Euro.
If you are going to have a go, at least read up on your facts first. I have a 5 year old daughter who is better with financial matters, perhaps you can explain to her how her pocket money is a "Ponzi scheme",