"European Stability Mechanism (ESM) Will Be Sufficient for Ireland and Cyprus, But Not Spain Or Italy"

Triumph in Defeat

Euro Ruling Not as Simple as It Seems

By Dietmar Hipp

The winners and losers in Wednesday's ruling on the permanent euro bailout fund by Germany's highest court may appear clear cut, but the decision is more complicated than it seems. Before the European Stability Mechanism can be ratified, the German government must answer complicated legal questions.

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