While most media and foreign leaders continue lying that the European Stability Mechanism was to bail out states, ESM Managing Director Pierre Gramegna truthfully said that banks have no safety net, after the Italian decision against it. “The ESM regrets the decision of the Italian Parliament to vote against the ratification of the revised ESM Treaty. Without the ratification from all member states, the ESM will not be able to provide the common backstop to the banking union’s Single Resolution Fund, which would benefit all euro area countries,” Gramegna said in a statement published on the ESM website.