German Court Approves 'Permanent Bailout' Fund
An important update to those who are following developments in the Eurozone financial crisis, otherwise known as the abolition of Germany: today, September 12, the German Constitutional Court shot down lawsuits seeking to prevent the country from participating in the so-called European Stability Mechanism (ESM), which Der Spiegel and others have aptly called "the permanent euro bailout fund." This, contra the Maastricht Treaty, makes Eurozone nations officially liable for other member nations' financial stupidity by permanently institutionalizing the idea of the bailout. By shooting down the injunction requests, the German court has essentially given the Bundestag the green light to ratify the ESM.
The case is the largest in the history of the court, as 37,000 German citizens have joined the complaint. It was never likely the court would rule in their favor, just as it's not likely that we'll ever again see a case that has brought together, in Germany at least, such a confluence of opinion in criticizing Eurozone finance from the left, right, and center. As Klaus Regling, head of the current but temporary European Financial Stability Facility, has said: "Without Germany, the ESM is pointless." And with the ESM, Germany is pointless.
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