Now that would have been a pleasant surprise if the elitists didn’t have the judges in their back pocket, wouldn’t it?
Related info (in German):
Heute war ein Schicksalstag für Deutschland und Europa. Der zweite Senat des Bundesverfassungsgerichtes erteilte der Klage der fünf Professoren Hankel, Nölling, Schachtschneider Starbatty und Spethmann gegen die Transferunion ein abschlägiges Urteil. Die bisher durchgeführten Rettungsmaßnahmen wurden für Rechtens erklärt jedoch eine deutlich Stärkung des Beschlußrechtes des Parlaments angemahnt. Prof. Dr. Schachtschneider ordnet das Urteil in einem Interview ein.
– Germany court finds European bailout constitutional (ABC News, Sep. 8, 2011):
Germany’s top court has ruled that the country’s participation in the bail out of struggling neighbours is constitutional. Germany has beared the large portion of Europe’s bailout bill. Some who oppose European economic integration were hoping to block any future bailouts.
– German court ruling complicates future European bailouts (Deutsche Welle, Sep. 8, 2011):
A decision by Germany’s top court that Berlin’s involvement in European bailouts was legal, led to gains on the markets. But as the eurphoria subsides, questions are being raised about the future.
Wednesday’s court decision, which found that Germany’s contribution to European bailout funds was legal, buoyed stock markets around the world.
For investors, the main thing was that a nightmare scenario had been avoided; for had the Constitutional Court ruled the bailouts unlawful, serious questions would have been raised about Germany’s contribution in the bailouts for Greece, Ireland and Portugal. The participation of Germany in the European Stability Fund could also have been placed in jeopardy.
– German Court Rejects Challenges to Euro Bailouts (New York Times, Sep. 7, 2011):
KARLSRUHE, Germany — Germany’s ability to come to the rescue of troubled European partners won crucial backing from the country’s constitutional court on Wednesday, a victory for Chancellor Angela Merkel that also provided at least a temporary reprieve for markets that had begun to worry that Europe’s common currency could collapse.
The ruling, which defied some expectations that the court would hamstring Mrs. Merkel, removed one obstacle to German leadership of Europe at a time when Germans are being relied on more than ever to figure out a solution to the debt crisis that has ensnared weaker members of the euro zone, including Greece, Ireland and Portugal. Stock markets in Europe and the United States recovered sharply on news of the court’s action.