Supplying the rules

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The Irish parliament is during today and tomorrow rushing through the legislation that allows the highly indebted country to make an apparently profitable loan to Greece as part of the Eurozone rescue package.  Here is the actual Irish legislation which is just one page; the main action is in the attached schedule which is the Intercreditor Agreement signed between the Eurozone countries excluding Greece that governs the overall loan.  Here’s a little irony —

This Agreement and any non-contractual obligations arising out of or in connection with it shall be governed by and shall be construed in accordance with English law.

Thus, as with the day-to-day operating language of the Eurozone, when it came time to need a legal architecture for an agreement among the countries, it is supplied by its most prominent non-member.  

7 thoughts on “Supplying the rules”

  1. Pingback: Twitter Trackbacks for Supplying the rules | afoe | A Fistful of Euros | European Opinion [fistfulofeuros.net] on Topsy.com

  2. Maybe the British have already the legal architecture to f*ock themselves in english, but it’s not ready in irish, for the Commission translators don’t work on Sundays.

    -:)

  3. Nice sentiment, but is the pseudonym “P O’Neill” really appropriate?
    It’s not as though the Provos are going to be celebrating the use of
    English law in the choice of law terms in some agreement made by the
    Republic of Ireland.

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