Estonia, EU – Baltic States, Financial Services, Legislation

The event will be organised by MP Juku-Kalle Raid who has stated that he would definitely vote against ratifying the ESM agreement. “It is unfair that Estonia that has made efforts and cut costs will have to pay for the foolishness of irresponsible Southern European countries,” he explained.

Raid explained that his discussion group will be held with the purpose of reviewing the provisions in the ESM regulations that would not benefit Estonia. “If everything will go as it appears at the moment, this shady law would be adopted before the end of the month already and hence it would be very good if people in the plenary assembly of Riigikogu would take one more moment to think about the matter,” he stated.

Raid claimed that he had invited representatives from all four factions of Riigikogu, as well as the so-called window row MPs who do not belong to any factions.

He noted that many analysts have cautioned that the ESM would not put an end to the crisis and hence Estonia’s obligations for the future are undetermined.

On Wednesday morning, a popular movement called ESM Rahvahääletusele (ESM to a Referendum) will hold a meeting at Toompea, demanding that the ESM agreement be put up for a referendum. The movement’s press release pointed out that Estonia will be required to provide 1.79 billion euros with the ESM agreement and that the country has already guaranteed obligations of 2 billion euros under the EFSF agreement. These two amounts total 62% of Estonia’s State budget.

The popular petition “ESM to a Referendum!” has collected more than 1,500 signatures. There are also hundreds of supporters of the Facebook site titled “ESM to a Referendum”.