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Old 07.09.2011, 12:23
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German court rejects challenge to eurozone bailouts

German court rejects challenge to eurozone bailouts.

http://www.bbc.co.uk/news/business-14817440

The court was expected to rule that the German parliament must be given more say over future aid.

Germany's highest court has rejected a challenge to the country bailing out other nations in the eurozone.

The Constitutional Court was responding to a challenge brought by six prominent German Eurosceptics.

But the court did say the government must seek the approval of the German parliament before providing future assistance.

This could further hinder Europe's response to the debt crisis, already criticised as too slow.

As Europe's largest and most robust economy, the German decision has implications for the whole region.

The presiding judge, Andreas Vosskuhle, said German lawmakers should be more involved in future bailout decisions.

"The government is obligated in the cases of large expenditures to get the approval of the parliamentary budgetary committee," Mr Vosskuhle said.

Since last year, eurozone nations have agreed to support Greece, Portugal and the Republic of Ireland via the European Financial Stability Facility, the fund set up to help countries struggling to pay their debt obligations.

There are fears that other countries will also need financial assistance.

Meanwhile, in an interview with the Bild newspaper, one of the leaders of Germany's ruling coalition did not rule out Greece leaving the 17-member single currency.

"I do not think that can be ruled out but I'm counting on the success of the path that has been taken with aid and consolidation efforts," said Horst Seehofer, chairman of the Christian Social Union and one of three parties in Chancellor Angela Merkel's government.

Those comments are in contrast to Mrs Merkel's, who has said there is "no possibility of all" of Greece leaving the euro.
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