Check out this chart, which I copied from ZeroHedge:
The PIIGS plus Cyprus actually have to pay €37bn to their own bailout fund! It gets better. These same countries are on the hook for a total of €259bn. Greece and Portugal are already being bailed out, which means that they are being loaned the money to place into the ESM increasing their indebtedness. Isn’t a bailout supposed to reduce debt? If millions of people weren’t suffering from the social effects of an economic depression, this might be funny.
Both Fitch and Moody’s gave the ESM AAA credit ratings. Only 6 of the 17 ESM members have AAA credit rating, so they must be using their old subprime models to assess the creditworthiness of this fund. If your broker tries to sell you ESM bonds, make sure he does it in person so you can punch him in the face.