Legal timebomb over ESM ticking in Austria too

A challenge by far-right politicians to Austrian ratification of the euro zone's permanent bailout fund may provide another headache for leaders seeking to put a lid on the region's debt crisis.

Germany's top court is expected on Wednesday to rule that the European Stability Mechanism (ESM) and the budget pact that goes with it are compatible with its constitution and can go ahead, but impose tough conditions limiting Berlin's flexibility on future rescues.

Austria's small size means that any ruling against the ESM by its own Constitutional Court would not sink the rescue fund, which does not have to be ratified by all of the euro zone's members to go ahead.

Read Full Article from Reuters

- Posted: 2012-09-10 11:57:34

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