German court backs euro rescue fund with conditions


By Annika Breidthardt and Diana Niedernhoefer – Germany‘s Constitutional Court gave a green light on Wednesday (Sep 12) for the country to ratify the euro zone‘s new bailout fund and budget pact, but insisted the German parliament have veto powers over any future increases in the size of the fund.

Germany is the only country in the 17-nation euro zone that has yet to ratify the European Stability Mechanism (ESM), which is meant to erect a 700 billion-euro firewall against the spread of the three-year-old sovereign debt crisis.

“This is a good day for Germany and a good day for Europe,” German Chancellor Angela Merkel said in a speech to parliament. more> http://tinyurl.com/9dtmhwv

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