And the German Constitutional Court backs the Bailout Fund…

Which leaves just Deputy Thomas Pringle in the running to overturn the ESM in the European Court of Justice on the 23rd October… where he has put down two questions:

  1. Is the ESM Treaty compatible with the EU Treaties?
  2. 

Is the related decision by heads of government to amend the EU Treaties legally valid?
  3. 

Can the ESM come into operation before the EU Treaty amendment comes into force (1st January 2013 at earliest)?

But the German court decision does not augur well for that occasion…

  • Pete Baker

    The Guardian’s live-blog is worth keeping an eye on as the ruling is unpacked – German court approves bailout fund, with conditions.

  • Greenflag

    That should provide 6 to 12 months relative stability for the Euro which should be enough to take Kanzlerin Merkel into another term as German /Eurozone leader . So a good day for Europe and the Eurozone and it was overdue . Not that it will put a damper on ALL of the currency speculating fraternities !

  • Agree, Greenflag.
    I see that some countries are considering a tax on transactions. They all should.
    Meanwhile, the Canadian dollar is at a record high to the US dollar. Good for consumers; bad for exporters, hence employment. You can’t win them all!

  • Greenflag

    ‘I see that some countries are considering a tax on transactions.’

    Yep -the Dutch both opposition and current government party are in favour of a transaction tax -so too are the French . Dead against are the British Tories and the Americans at this point .

    The tax percentage should be the same everywhere with the country exporting the capital AND the country receiving the capital getting the same percentage and that percentage should be the same for all G 20 members and the rest of the global economy .

    But heres a story which should wake everybody up who might be under the misapprehension that the bankster crisis is now resolved via the Dodds Frank Reforms etc

    The largest whistleblower award in history , Birkenfeld turned in the largest financial frauds. He turned in 19,000 felons and $20 billion in one unit. But we also know 33,000 people are turning themselves in and that the total amount of U.S. dollars in illegal offshore accounts is over $5 trillion

    http://www.democracynow.org/2012/9/12/whistleblower_brad_birkenfeld_rewarded_record_104m

    And UBS ?

    Mr Romney’s friends in Switzerland via the Cayman Islands via the ‘blind trustee’ artifice 🙁