“Germany’s highest court paved the way Wednesday for the creation of Europe’s €500 billion ($640 billion) rescue fund for indebted governments after it rejected challenges to Germany’s ratification of the ESM that argued it violated the country’s constitution. The bailout fund will takes its place alongside plans by the European Central Bank to buy unlimited amounts of short-term government bonds issued by troubled countries. ‘This is a good day for Germany and it is a good day for Europe,’ said Chancellor Angela Merkel. The ESM wouldn’t have been able to start work without Germany, its No. 1 contributor.”
http://abcnews.go.com/Business/wireStory/markets-brace-german-decision-crisis-fund-17215120
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