German MP makes new court complaint against euro plans

A lawmaker from Angela Merkel’s conservatives has lodged a new complaint with Germany’s top court over euro zone bailouts, but legal experts and MPs say this is unlikely to prevent the court from making a key ruling on the bloc’s rescue fund this week.

Germany’s constitutional court holds the fate of the euro in its hands when it rules on Wednesday whether the European Stability Mechanism (ESM) can go ahead, after already holding it up for several months.

Any postponement of the ruling could unsettle bond markets and exacerbate the three-year-old debt and financial crisis gripping the 17-nation European currency bloc.

Lawmaker Peter Gauweiler said in a statement on Sunday the fund should not be ratified unless the ECB rowed back on its plans to make unlimited purchases of sovereign bonds, since that he said, posed a major risk to Germany’s own national budget.

via Reuters

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