Tags: German | Euro | Rescue | Ruling

German Court’s Euro Rescue Ruling Due Sept. 7

Tuesday, 23 Aug 2011 09:31 AM

Germany's highest court announced Tuesday that it will deliver its ruling on complaints against rescue packages for Greece and other eurozone countries next month.

The Federal Constitutional Court said it will announce its verdict on Sept. 7. At a hearing last month, Finance Minister Wolfgang Schaeuble defended the rescue packages while opponents argued that the bailouts violated both German and European law.

At issue in the case are the initial Greek rescue of May 2010 and the wider eurozone rescue fund agreed shortly after.

Those plans foresee Germany — Europe's biggest economy — guaranteeing loans up to 22.4 billion euros ($32.2 billion) for Greece and 147.6 billion euros for other countries.

"I hope these complaints will be thrown out," Peter Altmaier, a senior lawmaker with Chancellor Angela Merkel's conservative party, told reporters. "We will look very closely at the reasoning for the verdict and then examine what consequences need to be drawn from it."

The ruling will come about two weeks before Germany's parliament votes on the latest plans aimed at stemming the eurozone debt crisis, drawn up at a summit on July 21.

Eurozone leaders agreed to expand the powers of their 440 billion euro bailout fund and drew up a second rescue package for Greece.

Merkel's Cabinet is expected to consider the rescue fund plans on Aug. 31.

Leaders of the five parties in parliament agreed to vote on them in the week ending Sept. 23, Altmaier said.

Calls by the opposition Left Party for a special parliamentary session were rejected by other parties.

Altmaier said there was "no sense at the moment" in holding such a meeting, and that lawmakers would consider the rescue plans "without haste, with the necessary thoroughness."

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Germany's highest court announced Tuesday that it will deliver its ruling on complaints against rescue packages for Greece and other eurozone countries next month. The Federal Constitutional Court said it will announce its verdict on Sept. 7. At a hearing last month,...
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2011-31-23
Tuesday, 23 Aug 2011 09:31 AM
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