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5.26.2010

Greece, the Euro, and the FCC

The German Federal Constitutional Court (FCC) has denied an application for a temporary injunction to stop Germany’s contribution to the aid package for Greece (German decision here, English press release here). The challenged law authorized the federal government to guarantee loans up to 22.4 billion euros. Another constitutional challenge is in the works, as reported in the German press, against a law allowing Germany to contribute up to 148 billion euros to the euro aid package.

As observed here, German EU- and euro-skeptics had rather high hopes after the Treaty of Lisbon decision that the FCC might step in. Although the FCC emphasized its final say on the limits of European integration as posed by the Basic Law in that decision, it seems somewhat unlikely that the court will now play a major role with respect to the latest financial aid decisions of the federal government.

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