Germany’s Constitutional Court has cleared the way for the country to ratify the eurozone’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.
The eagerly awaited verdict boosted global stocks, the euro currency and the Australian dollar as investors breathed a sigh of relief that the eurozone’s rescue fund for nations in crisis could soon take effect after months of delay.
Germany is the only country in the 17-nation eurozone 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
Read full article: http://www.google.com/hostednews/ap/article/ALeqM5g1bR9xRH50xv3A4vnkMRyuYWzD8g?docId=21e78d05d3ec4f2a828ae0ccf36eef61
Source:
http://www.ezonearticle.com/2012/09/12/german-court-approves-bailout-fund/
0 comments:
Post a Comment