Hans-Christian Strache, chairman of the Freedom Party of Austria (FPOE), denounced the ESM in drastic words, at a rally of several hundred protesters on Ballhausplatz in Vienna, under the banner "Referendum Against the ESM Insanity" July 27th late afternoon. Reiterating that he and his party will vote against the ESM in the parliament, he also said that there must be a national referendum, because the interference of the bailout fund with the Austrian Constitution was gigantic. "What kind of a financial dictatorship are we faced with here? Compared to the ESM, the Federal Reserve Bank is a lark's shit." There was no division of power in the ESM, it is designed to bypass both Austria's executive and its legislative bodies, Strache added. The "ESM is just the headline, the real content is instability, however."
"It's not the people who should pay for the debt via the ESM, but the bank speculators and oligarchs who have caused the misery who should pay," Strache said, and as he was speaking, the crowd was chanting, "We are the people!" Strache also called for a bank restructuring through a bankruptcy procedure, and the separation of banks into real-economic and investment ones.