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German court upholds bailouts

 German Chancellor Angela Merkel arrives at the parliament Bundestag in Berlin, Germany, Wednesday, Sept. 7, 2011. The German Constitutional Court is ...
 German Chancellor Angela Merkel arrives at the parliament Bundestag in Berlin, Germany, Wednesday, Sept. 7, 2011. The German Constitutional Court is ...

Germany Financial Crisis

German Chancellor Angela Merkel arrives at the parliament Bundestag in Berlin, Germany, Wednesday, Sept. 7, 2011. The German Constitutional Court is ...

Germany Financial Crisis

German Chancellor Angela Merkel arrives at the parliament Bundestag in Berlin, Germany, Wednesday, Sept. 7, 2011. The German Constitutional Court is ...

Germany's high court on Wednesday upheld the country's participation in eurozone bailout funds, but ruled that parliament should be more involved in such decisions.
The ruling means that while Germany's agreement to take part in the financial rescue of Greece will not be affected, participation in future bailouts might be more complicated.
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.
In announcing that the Federal Constitutional Court had rejected lawsuits arguing that Germany's participation had violated parliament's right to control spending of taxpayer money, Presiding Judge Andreas Vosskuhle said lawmakers should be more involved in future decisions.
"The government is obligated in the cases of large expenditures to get the approval of the parliamentary budgetary committee," Vosskuhle said.


Updated : 2021-01-20 15:15 GMT+08:00