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German court upholds bailouts

German court upholds bailouts

Germany's high court has upheld the country's participation in eurozone bailout funds.
Federal Constitutional Court Presiding Judge Andreas Vosskuhle announced Wednesday that the panel of eight judges had rejected lawsuits that argued Germany's participation in the bailout of troubled eurozone nations violated parliament's right to control spending of taxpayer money.
Germany's parliament voted to join in the May 2010 bailout of Greece to keep it from defaulting on its debts, and to back the (EURO)440 billion ($620 billion) European Financial Stability Facility with some (EURO)147 billion ($207 billion) in loan guarantees.


Updated : 2021-05-16 11:36 GMT+08:00