German Constitutional Court weighs ESM challenge
FRANKFURT (MarketWatch) -- Germany's Federal Constitutional Court on Tuesday began hearing testimony tied to challenges from several lawsuits seeking an injunction to delay the launch of the permanent euro-zone rescue fund, the 500 billion euro ($615.7 million) European Stability Mechanism. German Finance Minister Wolfgang Schaeuble urged the court in Karlsruhe to dismiss challenges to the fund's constitutionality and warned that a delay in implementing the fund "could mean further insecurity on markets, and a loss of confidence in the euro zone," Dow Jones Newswires reported. Germany's parliament approved participation in the ESM last month. Court President Andreas Vosskuhle said arriving at a decision "is not easy," news reports said. If granted, an injunction would be valid for six months, Vosskuhle said, according to Dow Jones Newswires, while a final decision on the fund's constitutionality could be made by the end of the year.
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