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FSN: German Court Backs ESM Rescue Fund in Double-Edged Ruling
Be prepared for the next great transfer of wealth. Buy physical silver and storable food.
Germany’s highest court has cleared the way for ratification of the eurozone bail-out fund but capped German contributions and fired a cannon shot across the bows of the European Central Bank.
by Ambrose Evans-Pritchard
Telegraph.co.uk
Markets breathed a sigh of relief across the world after the Constitutional Court in Karlsruhe ruled that the European Stability Mechanism (ESM) and the EU’s Fiscal Compact are compatible with the country’s Basic Law. The euro surged to a four-month high of €1.29 to the dollar.
“This is a good day for Germany and a good day for Europe,” said Chancellor Angela Merkel. “Germany is fulfilling its full responsibilities as the biggest economy and a trusted partner in Europe.”
The European Parliament leapt to its feet in thunderous applause as the news came through, the verdict removing the final hurdle blocking deployment of the €500bn (£397bn) bail-out fund and consummating Europe’s grand plan to hold monetary union together.
Continue Reading at Telegraph.co.uk…
2012-09-13 03:22:03
Source: http://silveristhenew.com/2012/09/12/german-court-backs-esm-rescue-fund-in-double-edged-ruling/
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