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German Constitutional Court
The court said that the billions the government offered Greece and other countries in need were constitutionally dispatched, and added that the German federal parliament, the Bundestag, should be given a greater saying in the future bailouts.
Still, the presiding judge Andreas Vosskuhle warned that this ruling should not be interpreted as a black check for further packages. The judges said that the package resolutions cannot be automatic and cannot infringe the decision-making process of the parliament.
The packages must be clearly stated and the members of the parliament must be informed of the content of the package, so that they may rejected, if need be.
The presiding judge said that in cases of large expenditures that the government must have the approval of the parliament’s budget committee before, so that the parliament may retain sovereignty over the national budget.
The court also rejected the charge made by the plaintiffs that the bailouts threaten to place the state in the incapacity to act, because they are too big.
The ruling of the court comes as a relief for those who were afraid that a ruling according to which the bailout was illegal would throw the eurozone into chaos, forcing the states with problems to leave the zone.
The idea of creating a multilevel eurozone was sustained even by one of the plaintiffs, who argued that the only chance the countries with undeveloped economies have is to leave eurozone and fortify their own currencies.
It is considered that Greek economy is still facing the possibility of collapse, even after the bailout, and that others economies may follow, making the international effort to support them impossible at a certain point.
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