As expected, the German Constitutional Court largely upheld the plan by Chancellor Merkel to have a permanent bailout fund (funded largely by Germany whose people have not approved this in any sort of referendum) to step in any future Greece situations.
The Federal Constitutional Court in Karlsruhe dismissed motions that sought to block the European Stability Mechanism, while ruling Germany’s 190 billion-euro contribution can’t be increased without legislative approval. The court said Germany can ratify the ESM if it includes binding caveats that it won’t be forced to assume higher liabilities without its consent.
So the Tweedledee-Tweeldedum German Bundestag gets to decide if the EU gets more tax money! No word on any sort of referendum. What Germany (and all of the EU) needs is a transnational liberty party! Chancellor Merkel ought to be thankful the Pirates aren’t affiliated with the nazis!
