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Court: no euro rescue decision until September

The Local · 16 Jul 2012, 10:30

Published: 16 Jul 2012 10:30 GMT+02:00

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The Federal Constitutional Court said it would hand down a judgement on complaints aimed at preventing President Joachim Gauck from signing legislation passed last month by both houses of parliament.

The draft laws concern Europe's fiscal pact for greater budgetary discipline and its €500 billion permanent bailout fund to aid debt-mired eurozone countries.

The rescue shield cannot come into force without the ratification of Europe's top economic power and already jittery markets are nervous at the prospect of a lengthy legal battle.

While parliament approved the measures, Gauck has delayed signing them into law while the court considers a raft of legal challenges.

Finance Minister Wolfgang Schäuble pressed the court last week to rule quickly on the complaints.

"We have asked the court to decide as quickly as possible because we are in an extraordinarily critical situation. The risk of contagion to the whole eurozone is very high," Schäuble told German radio.

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However Chancellor Angela Merkel insisted on the court's independence in a television interview on Sunday.


The Local (news@thelocal.de)

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Your comments about this article

12:03 July 16, 2012 by William Thirteen
the judges require some time to divest their portfolios of underperforming assets and move their investments to dollar denominated vehicles.
17:02 July 16, 2012 by Englishted
Better hurry up looking at the age of some of the judges .
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