Germany Has ‘Reached Its Limit’ On Greek Aid

Sep. 12 (Bundesverfassungsgericht ruling on the ESM) is the date to watch!!!

Let’s see if Germany walks its talk, because that would mean the end of the euro.

Got physical gold and silver?

See also:

Greece Now Prints It’s Own Euros, The ECB Approves, The Bundesbank Nods: No One Wants To Get Blamed For Kicking Greece Out


Germany Has “Reached Its Limit” On Greek Aid (ZeroHedge, Aug 11, 2012):

While Frau Merkel remains beach-bound somewhere, hence the lack of ‘Neins’ recently, her deputy chancellor Michael Fuchs made it unequivocally clear this morning in a Handelsblatt interview that Germany had “reached the limit of its capacity” over additional EFSF payments to Greece and reiterated the double-whammy that the ESM should NOT receive a banking license and that the ECB should NOT act as “money printing press in disguise” by extending emergency loans and bypassing EFSF/ESM. A decision about whether Greece should be given the second tranche of its loan will not be made until October, after the Troika finalizes its first review of the second rescue program in September. However, BNP Paribas notes that there have been a couple of developments worth noting over the past week and more are likely in the coming weeks.

Read moreGermany Has ‘Reached Its Limit’ On Greek Aid

Will A German Constitutional Court Delay Today Cripple The EUphoria?

Will A German Constitutional Court Delay Today Cripple The EUphoria? (ZeroHedge, July 10, 2012):

While early news are still abuzz with last night’s largely irrelevant FinMin meeting, which came up with nothing new, but merely regurgitated the June 28 summit decisions in a way to send Peripheral bonds modestly higher, however briefly, the real news this morning will be out of Karlruhe, where the German Constitutional Court – which holds the fate of the European bailout mechanism –  has already said there will be no final decision on the constitutionality issue. The question now is whether the Court will issue a temporary injunction, which however, the court itself admits “will be interpreted by the foreign press as ‘euro-rescue is halted.” Instead, what will likely take place is a two step process. As Market News reports, “Judges during the hearing suggested a two-part decision was likely, first on the injunction in about three weeks, and then in early 2013 on the broader constitutional question.” Obviously, the court is not in any rush to come up with a definitive judgment. The problem is that Spain is. As is Italy: unless the ESM is able to promptly roll out its rescue functionality, the entire bailout mechanism will be halted and all the “progress” achieved so far will be for nothing. Sure enough, “a delay could have “serious economic consequences” for the Eurozone as well as Germany, and in turn would risk placing the entire euro project “in question,” Schaeuble warned.” Yet not even the German FinMin will dare to tell German’s constitutional arbiters to hurry up. Which is why keep a close eye on those Red flashing headlines out of Germany: they can make or break both the Euro, the PIIGS bonds, and broadly risk, if there is indeed a major delay, and certainly, if the court does order an injunction.

Read moreWill A German Constitutional Court Delay Today Cripple The EUphoria?

Germany’s Constitutional Court May Delay Bailout Fund Ratification

The ESM is totally unconstitutional, but who cares?


German court may delay bailout fund ratification (Reuters, June 21, 2012):

Germany’s constitutional court said on Thursday it will need time to study the euro zone’s permanent bailout mechanism after its expected approval in the German parliament next Friday, which could delay its scheduled start date on July 1.

Angela Merkel’s government and the centre-left opposition reached a deal on economic growth measures on Thursday which should enable parliament to ratify Merkel’s fiscal pact and the European Stability Mechanism (ESM) on June 29.

The ESM cannot come into effect without ratification by Germany, the biggest economy in the euro zone. But a spokeswoman for the top court said the ESM is so complex it expects head of state Joachim Gauck to delay his signature of the text approved by parliament until the court has had time to study it.

Germany: Head Of The Constitutional Court Demands Referendum Over EU Bailout

And all these bailouts are doomed to fail, will further destroy the middle class, make the elitists even more rich and will just buy a little more time before the then even greater total collapse will occur.

The Multi-Trillion Euro Bailout Plan Has Already FAILED

Flashback:

AND NOW: Germany, France Propose COLLECTIVE ‘GOVERNMENT’ For The Eurozone Led By UNELECTED EU President


German turmoil over EU bail-outs as top judge calls for referendum (Telegraph, Sep. 26, 2011):

Andreas Vosskuhle, head of the constitutional court, said politicians do not have the legal authority to sign away the birthright of the German people without their explicit consent.

“The sovereignty of the German state is inviolate and anchored in perpetuity by basic law. It may not be abandoned by the legislature (even with its powers to amend the constitution),” he said.

“There is little leeway left for giving up core powers to the EU. If one wants to go beyond this limit – which might be politically legitimate and desirable – then Germany must give itself a new constitution. A referendum would be necessary. This cannot be done without the people,” he told newspaper Frankfurter Allgemeine.

The extraordinary interview comes just days before the Bundestag votes on a bill to revamp the EU’s €440bn bail-out fund (EFSF), enabling it to purchase EMU bonds pre-emptively and recapitalise banks.

Tensions are running high after it emerged over the weekend that officials are working on plans sketched by the US Treasury and the European Commission to “leverage” the firepower of the EFSF to €2 trillion, in conjunction with lending from the European Central Bank.

Carsten Schneider, finance spokesman for the Social Democrats, demanded that Chancellor Angela Merkel and finance minister Wolfgang Schäuble clarify their “true intentions ” before the vote on Thursday.

“A new multi-trillion programme is being cooked up in Washington and Brussels, while the wool is being pulled over the eyes of Bundestag and German public. This is unacceptable,” he said.

Prince Hermann Otto zu Solms-Hohensolms-Lich, the Bundestag’s deputy president and finance chief for the Free Democrats (FDP) in the ruling coalition, expressed outrage over the secret plans.

“Unless the German finance minister can give an immediate assurance that there will be no leveraged formula, I will not vote for this law. We might as well dispense with months of negotiations if all this means is that the Bundestag will be circumvented and served cold left-overs,” he said.

Read moreGermany: Head Of The Constitutional Court Demands Referendum Over EU Bailout

Prof. Dr. Schachtschneider Zum Urteil Über Die Rechtmäßigkeit Der Transferunion – ‘Der Materielle Bundeskanzler In Deutschland Heisst Josef Ackermann’

Prof. Dr. Schachtschneider zum Urteil über die Rechtmäßigkeit der Transferunion


YouTube Added: 07.09.2011

Heute war ein Schicksalstag für Deutschland und Europa. Der zweite Senat des Bundesverfassungsgerichtes erteilte der Klage der fünf Professoren Hankel, Nölling, Schachtschneider Starbatty und Spethmann gegen die Transferunion ein abschlägiges Urteil. Die bisher durchgeführten Rettungsmaßnahmen wurden für Rechtens erklärt jedoch eine deutlich Stärkung des Beschlußrechtes des Parlaments angemahnt. Prof. Dr. Schachtschneider ordnet das Urteil in einem Interview ein.