Европейский Рынок: Конституционный Суд Португалии признал незаконным решения правительства по сокращению госрасходов

Конституционный суд Португалии после рассмотрения жалобы профсоюзов принял решение признать неконституционными действия правительства в прошлом году, по сокращению оплаты труда   работников бюджетной сферы. Теперь правительству надо искать другие источники сокращения государственных расходов в размере около 1 мллрд.евро.  

 


A court ruling that struck down a central element of Portugal's austerity program is forcing the government to look for new cuts as it tries to meet the terms of an international bailout.
Portugal's constitutional court ruled late Thursday that the government's move last year to cut public-sector workers' traditional extra two months of salary each year from 2012-14 was unconstitutional, raising pressure on Prime Minister Pedro Passos Coelho to seek looser conditions for its bailout program.
A court ruling that struck down a central element of Portugal's austerity program is forcing the government to look for new cuts as it tries to meet the terms of an international bailout.


Portugal's constitutional court ruled late Thursday that the government's move last year to cut public-sector workers' traditional extra two months of salary each year from 2012-14 was unconstitutional, raising pressure on Prime Minister Pedro Passos Coelho to seek looser conditions for its bailout program.



The ruling won't apply to wage cuts in 2012, which will save the government more than €1 billion ($1.25 billion), but Mr. Passos Coelho will need to fill a budget hole in 2013, when the government must meet a deficit target of 3% of gross domestic product to meet euro-zone bailout terms.

 
The court's decision was announced hours after a parliamentary commission warned that the country would miss its deficit targets this year if the government continues to spend more on social benefits and receive less revenue from taxes.

 
The European Commission and the International Monetary Fund, which are providing the €78 billion in loans to Portugal until 2014, have indicated they are open to adjusting the country's program as long as the government is implementing the agreed-upon measures.

 
On Friday, a spokesman for Olli Rehn, the European Union economics chief, said in Brussels that Portugal will have to find austerity measures of equal value to the ones the court found unacceptable. Simon O'Connor said that while the 2012 budget target was «challenging,» it remained achievable.



«Portugal has a strong track record of implementing fiscal consolidation and structural reforms, and we continue to stand ready to assist the country in these efforts,» said Albert Jaeger, senior IMF resident representative in Lisbon, on Friday.

 
The budget problems have led political parties to urge the government to renegotiate terms of the bailout program, saying too much austerity is strangling the country's economy.

 
«Since the government is already failing to meet budget goals for this year, the court's decision gives more strength to the proposal by the Socialist Party that more time should be given for Portugal to meet targets,» said António José Seguro, leader of the main opposition party. Leaders of other parties have also called for a relaxation of the program.


Portugal's Finance Ministry said late Friday that it will study new austerity for next year, adding that «the government is determined to fulfill the bailout program and promote national consensus around the measures.»
Since taking office a year ago, Mr. Passos Coelho has announced unpopular cuts in public workers' wages, increases in taxes on goods and services, and sharp cuts in health and education spending.
The austerity program has contributed to an economic contraction estimated at 3% for the year, and a higher-than-expected unemployment rate of 15.2%.
Official budget deficit figures released late last week showed that first-quarter budget execution deteriorated due to the government spending more than expected on unemployment benefits and receiving less from tax revenue.
Last week, the country's statistics agency said the budget deficit widened to 7.9% of GDP in the first quarter from 7.5% in the year-earlier period. This year's target is 4.5%.
Some economists say that unless the austerity program is relaxed, Portugal won't be able to meet its deficit targets.
Mr. Passos Coelho has declined to seek changes to the bailout, saying more time or aid will only prolong the pain the country is going through.
That strategy has helped the country stay out of investors' spotlight in recent months. Portuguese bond yields trading in a thin secondary market have fallen sharply from levels seen in January.

Still, the prime minister is facing calls for change within his Social Democratic Party. On Thursday, Miguel Frasquilho, vice president of the party's parliamentary group, said it would be beneficial for Portugal to have two additional years to make the necessary budget adjustments, although he fell short of saying the government should ask for them.
  

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А вот Италия показывает «зеленые ростки» от новый реформ связанных с налогообложением недвижки =)
Европа… она такая… «разная»…


Italy raises 9.5 bln euros with housing tax
RTR, 07/07 09:58AM ROME, July 7 (Reuters) — Italy has raised more than 9.5 billion euros ($11.7 billion) so far in 2012 from a housing tax introduced as part of emergency budget measures, and is on track to meet its target for the full year, the Economy Ministry said on Saturday. Prime Minister Mario Monti announced the new real estate tax (IMU) in December, along with a series of tax hikes, spending cuts and pension reforms in a tough austerity package aimed at boosting Italy's strained public finances. Following the June deadline for the first IMU installment, the ministry said the tax had raised a total of 9.55 billion euros. About 23.8 million contributors paid an average of about 400 euros, it said. The results of the first six months of the year suggest the government will meet a target of 20.1 billion euros by the end of 2012, the ministry said. The IMU applies to first homes in addition to other property, reintroducing a similar tax which was scrapped under former Prime Minister Silvio Berlusconi, who quit in November amid soaring Italian bond yields and a looming debt crisis. It has been among the more unpopular measures adopted by Monti's government, adding to pressure on Italian families already struggling with recession, rising unemployment and stagnant wage growth. The Economy Ministry said in a separate statement on Saturday that the total raised from value added tax (VAT) in Jan-May 2012 had fallen 1.1 percent compared with the same period of the previous year. Italy hiked the main VAT rate to 21 percent from 20 percent in September 2011, but the ministry said stagnating domestic demand had led to the decline in the amount raised. Italian consumer morale hit its lowest in at least 16 years in June and real disposable income of Italian families is lower now than it was 20 years ago, according to national statistics office ISTAT. Total tax revenue between January and May 2012 was up 2.5 percent compared with the first five months of 2011, despite difficult economic conditions, the ministry said. ($1 = 0.8126 euros)

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РЕКАПИТАЛИЗАЦИЯ БАНКОВ ИЗ ФОНДА ESM НЕ ТРЕБУЕТ ГАРАНТИЙ СО СТОРОНЫ ПРАВИТЕЛЬСТВ. (правда непонятно за чей счет сей банкет)
 Contrary to some recent comments, Spain will not
need to provide the European Stability Mechanism with guarantees after
it take direct equity stakes in Spanish banks, the European Commission
said on Monday.
 
     «I would like to clarify that there will be no need for a sovereign
guarantee from banks being directly recapitalised by the ESM,» a
spokesman for the Commission said.
 
     The issue has become a matter of fierce debate among Eurozone
finance ministries now working to interpret and implement the broad
decisions taken by their heads of state and government at a summit at
the end of June.
 
     At the summit, Eurozone leaders agreed after late night talks that
«it is imperative to break the vicious circle between banks and
sovereigns.»
 
     They decided that once joint European bank supervision is
established, under the aegis of the European Central Bank, the ESM will
be able to recapitalize banks directly rather than lending the money to
the sovereign governments concerned.
 
     The EU leaders also reaffirmed that for Spain, «financial
assistance will be provided by the EFSF until the ESM becomes available,
and that it will then be transferred to the ESM,» which will not take
senior creditor status, as markets had feared it would. 
 
     EU officials and the Commission agree that Spain must provide
collateral for the bank recapitalisation aid it is to receive — in the
form of loans to the government in Madrid — before the Eurozone has a
single bank supervisor in place. But they are sharply split over whether
collateral will still be needed after that.
 
     Speaking to journalists ahead of a meeting of Eurozone finance
ministers on Monday evening, the Commission spokesman also said that the
Eurozone's future bailout fund would be prepared to assume bank shares
acquired in recapitalisation programmes that are executed before the
common supervision system is in place, meaning that the debt assumed by
Madrid initially would eventually be taken off its books. That's another
point that is not clearly spelled out in the summit's statement.
 
 
 
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Испанская провинция Валенсия может объявить дефолт по своим долговым обязательствам если не получит финансирование со стороны центрального правительства. Такую информацию озвучивает испанская газета El Mundo 
Spanish region of Valencia is facing the
risk of a default if it doesn't receive more financial aid from the
government, according to El Mundo newspaper
 
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Еврогруппа и комитет министров финансов утвердили текст заявления по итогам встречи в Брюсселе. Сказано, что помощь для испанских банков будет оказана уже во второй половине июля через механизм фонда ESFS и затем трансформирована через фонд ESM.При этом статус кредитора первой очереди меняться не будет. Прямые гарантии по кредитам со стороны правительства Испании необходимы только на этапе работы фонда ESFS и после запуска фонда ESM такие гарантии уже не нужны. 

The Eurozone finance ministers, the Eurogroup,
released the following statement early Tuesday morning regarding their
followup to the decisions taken by EU leaders at the June 29 summit:
 
     «In line with the Euro Summit statement of 26 October 2011, the
Eurogroup will prepare the Euro Summit meetings and ensure their
follow-up. In doing so, as is presently the case, it will deliver on its
role to ensure ever closer coordination of economic policies and to
promote enhanced economic and fiscal surveillance as well as financial
stability in the euro area.
 
     We reaffirm our strong commitment to do whatever is necessary to
ensure the financial stability of the euro area, in particular through
the flexible and efficient use of existing EFSF/ESM instruments for
Member States respecting their Country Specific Recommendations and
their other commitments including their respective timelines, under the
European Semester, the Stability and Growth Pact and the Macroeconomic
Imbalances Procedure.
 
     As an immediate follow-up, the ECB and EFSF have today signed a
technical agency agreement, creating the possibility of an efficient
conduct of market operations by the EFSF. As soon as the ESM has been
established, a similar agreement will be concluded between the ECB and
ESM. In addition, the Eurogroup has politically endorsed the ESM
investment policy guideline. Thus, by the time of the entry into force
of the ESM treaty and the formal approval by the ESM governing bodies,
all ESM instruments will be fully operational so that their
effectiveness and efficiency would be ensured.
 
     The Eurogroup has today reached a political understanding on the
draft MoU underlying the financial assistance for the recapitalisation
of financial institutions for Spain, to be provided via the EFSF until
the ESM becomes available and then transferred to the ESM without
gaining seniority status. The Eurogroup envisages providing the final
approval of the programme by 20 July, after national procedures have
been completed. The Eurogroup supports the recently adopted Commission
recommendation to extend the deadline for the correction of the
excessive deficit in Spain by one year to 2014.
 
     The Commission, in liaison with the ECB, and the IMF are currently
conducting its seventh review of the Irish adjustment programme, in the
context of which discussions will be held on technical solutions to
improve the sustainability of the well-performing adjustment programme.
 
     The Eurogroup will consider the issue again at its meeting in
September. Similar cases will be treated equally, taking into account
changed circumstances. The Eurogroup has requested the Troika to work
together with the Portuguese authorities during the fifth review mission
that will start on 28 August so as to ensure that the adjustment process
remains on track.
 
     The Eurogroup took note that a fully-fledged programme is expected
to be negotiated with the Cypriot authorities. The Eurogroup welcomes
the Commission's intention to present proposals in early September,
notably on the basis of article 127(6) TFEU, for a single supervisory
mechanism involving the ECB. We expect the Council to consider these
proposals as a matter of urgency by the end of 2012.
 
     In order to break the vicious circle between banks and sovereigns,
technical discussions on the future ESM direct bank recapitalisation
instrument will also start in September so that the ESM could, following
a regular decision, have the possibility to recapitalise banks directly
once an effective single supervisory mechanism is established.»
 
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10 июля Конституционный Суд Германии не готов принять окончательное решение по поводу правомочности фонд ESM 



GERMANY: Germany court will not make any final decision on ESM today
 
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Небольшая интрига вокруг Конституционного Суда — Министр финансов Шойбле обеспокоен тем, что судья медлит. Судья при этом хочет основательно рассмотреть все детали и только потом принять решение.  

SCHAEUBLE: Delay in ESM wld have serious consequences for EMU
— Consequences of ESM delay wld go far beyond Germany



 
Germany's Constitutional Court will not be able
to make any final decisions Tuesday about the constitutionality of
Europe's newly agreed European Stability Mechanism, the chair of the
court said.
 
     Opening a hearing into the ESM and Fiscal Compact, the court's
President, Andreas Vosskuhle, said he recognized that judges face a
tough decision over whether to grant a temporary injunction — which
would prevent the ESM from taking immediate effect — or allow the
treaty to take effect at the risk that it can no longer be halted if
ruled unconstitutional at a later date.
 
     Vosskuhle emphasized that the court could only hold a hearing over
the injunction itself Tuesday, and would not discuss the broad
constitutional questions stemming from the ESM and Fiscal Compact, which
were both approved last month by Germany's parliament.
 
     «It is clear that this constitutional court cannot hold a full
substantive, but rather a summary examination, given the tight time
constraints» of the temporary injunction requests, Vosskuhle said. «That
means that a final decision can not be taken in this hearing today about
the constitutionality of the ESM, the Fiscal Pact and its accompanying
laws.»
 
     Vosskuhle did not give any insights in his opening statement into
what kind of decision the court is prepared to make after oral arguments
Tuesday, which are expected to last through most of the day.
 
     Opposition demands for a temporary injunction have already stopped
the ESM from taking effect on July 1 as originally planned. The
Constitutional Court had earlier asked Germany's president not to sign
the ESM and Fiscal Compact into law until it could rule on the
injunctions.
 
     Opponents have argued the ESM and Fiscal Compact permanently curb
the German parliament's budgetary powers, and would therefore require a
change of the constitution to be approved. German Finance Minister
Wolfgang Schaeuble and Bundesbank President Jens Weidmann were set to
appear before the court later Tuesday.
 
     A final decision on the constitutionality of the ESM and Fiscal
Compact is not expected until 2013.
 



 
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не поймешь этих немцев… теперь вроде как могут и сегодня что то принять в Суде


GERMANY: By the way, our reporter on the scene in Karlsruhe says that
the German court hearing is ongoing and could finish in the next hour or
so, although the deadline keeps getting pushed back.
 
 
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Люди в красном, особенно во главе с евроскептиком это большая печалька =)

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Judges of Germany's Constitutional Court
expressed concern during a day-long hearing Tuesday over finding the
right balance between a quick ruling on the European Stability
Mechanism's constitutionality, and taking more time to get their
decision right.
 
     Exactly when a decision will be taken was left open by the
eight-member panel. The court adjourned after a nearly 11-hour hearing
without offering details on its plans.
 
     Judges in their questions of witnesses suggested a two-part
decision was perhaps most likely, first on the demands for a temporary
injunction against ESM in about three weeks, and then in early 2013 on
the broader constitutional question.
 
     But the court also suggested uncertainty over how far a decision
over the temporary injunction should go. They pressed witnesses over
exactly how much time the court has to reach a ruling, even raising the
possibility of a «middle solution» of a single, full decision in two to
three months.
 
     With government witnesses warning of serious consequences for EMU
of a long delay, judges seemed to acknowledge that granting even a
temporary injunction could be interpreted as a sign that they were
leaning against approving the ESM and Fiscal Compact, which was passed
with a two-thirds majority by Germany's parliament last month. 
 
     An injunction «will be interpreted by the foreign press as
'euro-rescue is halted'» Court President Andreas Vosskuhle said during
the hearing into the injunctions sought by opponents of European rescue
fund.
 
     But Vosskuhle also recognized opponents' arguments that allowing
the ESM to enter into force now could make the treaty unstoppable,
rendering any future ruling on its constitutionality ineffective. The
timing of its decision clearly is «not easy,» he said.  
 
     German Bundesbank President Jens Weidmann said in his testimony any
assessment of the consequences of a delay is «highly speculative» and
noted the temporary EFSF had enough funds available to handle even the
envisaged programs for Spain and Cyprus.
 
     But he also acknowledged an ESM delay could carry consequences if
the situation in Europe were to deteriorate further in the coming weeks
or months.
 
     «In such a scenario, doubts about the adequacy of the available
financial resources would cause greater uncertainty,» Weidmann said.
This could also increase pressure on the ECB, and therefore increase the
risks for its balance sheet, Weidmann said.
 
     German Finance Minister Wolfgang Schaeuble was more aggressive,
telling the court it was a «question of weeks.» In comments to reporters
after, he emphasized that ESM must take effect in order to give the
broader Eurozone reforms being enacted time to take hold
 
     Schaeuble earlier warned the consequences of delay would extend
«far beyond Germany,» including financial ramifications and a «clear
strengthening» of the Eurozone crisis, which could once again lead some
European countries to have serious refinancing problems.
 
     Opposition demands for an injunction already stopped the ESM from
taking effect July 1 as originally planned. The Constitutional Court had
asked Germany's president not to sign the ESM and Fiscal Compact into
law until it could rule on the injunctions.
 
     Opponents argued the ESM and Fiscal Compact will permanently curb
the German parliament's budgetary powers and would therefore require a
change of the constitution to be approved. They also argued an
injunction would not be especially damaging, given the EFSF will remain
in place until June 2013.
 
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GERMANY: Finmin Schaeuble; says have made great strides in stabilizing 
EMU. Says court decision on ESM should be a question of weeks and says 
EMU aid only justifiable in context of broader reform
GERMANY: Finmin Schaeuble; says have made great strides in stabilizing EMU. Says court decision on ESM should be a question of weeks and says EMU aid only justifiable in context of broader reform
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European authorities are pressing Spain to inflict billions of euros of losses on small savers by wiping out certain types of bank debt before its financial institutions are recapitalised using eurozone rescue funds.
The bailout conditions for Spain’s banks would force any lender taking aid fully to write off their preferred shares and subordinated bonds, according to a draft memorandum of understanding seen by the Financial Times.
[11.07.12 9:19:13] patricia_sakura: 
“Banks and their shareholders will take losses before state aid measures are granted and ensure loss absorption of equity and hybrid capital instruments to the full extent possible,” the document says.
Spanish banks have €67bn of subordinated and hybrid debt outstanding, according to Bank of Spain, much of which was sold to retail investors as savings products.
“The difference between Spain and other European countries is that these instruments are held mainly by retail investors,” said Daragh Quinn, a banking analyst at Nomura. “People who bought them might not have known exactly what they were investing in”.
Luis de Guindos, Spain’s finance minister, has admitted that investors should not have been sold the savings products and he had sought to minimise their potential losses under a eurozone rescue. “It was an error to sell the the preference shares, and we will have to look for solutions,” he said in May.
Under the agreement, Spain will have to extend consumer protection rules and restrict the sale of such financial instruments to retail clients.
Eurozone finance ministers signed off on the draft agreement for the €100bn Spanish bailout programme in the early hours of Tuesday, including the first payment of €30bn by the end of the month.
The conditions imposed will also see a transfer of supervisory power from the Bank of Spain to the European Commission, IMF and European Central Bank, with the Spanish central bank required to provide them with regular updates on the liquidity of bailed out banks, and asked to launch a review of its own supervisory procedures.
The agreement is expected to be formalised on July 20, and Olli Rehn, the EU commissioner for economic affairs, said the €30bn would be used as a “contingency reserve” until a full assessment of individual banks’ needs is completed in September.
“It’s always useful to have a certain reserve for possible unexpected developments,” Mr Rehn said. “It certainly will help to restore and reinforce confidence in the Spanish banking sector.”
The rescue loans, conditional on reforms by specific banks and Spain’s broader financial sector, will include quarterly monitoring missions by officials from the European Commission, European Central Bank, and International Monetary Fund, Mr Rehn said. But these reviews will not cover Spain’s sovereign books as they have in other eurozone bailouts.
The possible losses for retail investors in Spain comes as the ruling Popular party government led by Mariano Rajoy dropped its opposition to a public enquiry into the €23.5bn nationalisation of Bankia, in which hundreds of thousands of savers who bought into the lender’s stock market listing suffered large losses.
Rodrigo Rato, Bankia chairman before the rescue and former managing director of the International Monetary Fund, will be called to testify in front of Spain’s parliament. Other witnesses to be called to hearings starting next month are the former economy ministers Elena Salgado and Pedro Solbes.
Although eurozone officials agreed on how the Spanish programme will start, there was continued division on how it will be completed. Mr Rehn reiterated that bailout loans from the new eurozone rescue fund, the European Stability Mechanism, will eventually be injected directly into Spanish banks, allowing Madrid to take the bank liability off its national books.
But Wolfgang Schäuble, the German finance minister, said on Tuesday morning that no formal decision had been taken on how that would work and left open the possibility that Spain could still be asked to guarantee the ESM against losses if the bailed-out banks defaulted on their rescue loans.

Европейские власти настаивают, чтобы правительство Испании согласилось на списание части банковских долгов в процессе рекапитализации. Фактически это приведет к убыткам для мелких держателей банковских акций и долговых бумаг.  Условия рекапитализации таковы, что любой кредитор должен согласится на обмен  привилегированных акций и субординированных облигаций.  




European authorities are pressing Spain to inflict billions of euros of losses on small savers by wiping out certain types of bank debt before its financial institutions are recapitalised using eurozone rescue funds.
The bailout conditions for Spain’s banks would force any lender taking aid fully to write off their preferred shares and subordinated bonds, according to a draft memorandum of understanding seen by the Financial Times. 

“Banks and their shareholders will take losses before state aid measures are granted and ensure loss absorption of equity and hybrid capital instruments to the full extent possible,” the document says.
Spanish banks have €67bn of subordinated and hybrid debt outstanding, according to Bank of Spain, much of which was sold to retail investors as savings products.

“The difference between Spain and other European countries is that these instruments are held mainly by retail investors,” said Daragh Quinn, a banking analyst at Nomura. “People who bought them might not have known exactly what they were investing in”.

Luis de Guindos, Spain’s finance minister, has admitted that investors should not have been sold the savings products and he had sought to minimise their potential losses under a eurozone rescue. “It was an error to sell the the preference shares, and we will have to look for solutions,” he said in May.

Under the agreement, Spain will have to extend consumer protection rules and restrict the sale of such financial instruments to retail clients.
Eurozone finance ministers signed off on the draft agreement for the €100bn Spanish bailout programme in the early hours of Tuesday, including the first payment of €30bn by the end of the month.
The conditions imposed will also see a transfer of supervisory power from the Bank of Spain to the European Commission, IMF and European Central Bank, with the Spanish central bank required to provide them with regular updates on the liquidity of bailed out banks, and asked to launch a review of its own supervisory procedures.

The agreement is expected to be formalised on July 20, and Olli Rehn, the EU commissioner for economic affairs, said the €30bn would be used as a “contingency reserve” until a full assessment of individual banks’ needs is completed in September.

“It’s always useful to have a certain reserve for possible unexpected developments,” Mr Rehn said. “It certainly will help to restore and reinforce confidence in the Spanish banking sector.”

The rescue loans, conditional on reforms by specific banks and Spain’s broader financial sector, will include quarterly monitoring missions by officials from the European Commission, European Central Bank, and International Monetary Fund, Mr Rehn said. But these reviews will not cover Spain’s sovereign books as they have in other eurozone bailouts.
The possible losses for retail investors in Spain comes as the ruling Popular party government led by Mariano Rajoy dropped its opposition to a public enquiry into the €23.5bn nationalisation of Bankia, in which hundreds of thousands of savers who bought into the lender’s stock market listing suffered large losses.

Rodrigo Rato, Bankia chairman before the rescue and former managing director of the International Monetary Fund, will be called to testify in front of Spain’s parliament. Other witnesses to be called to hearings starting next month are the former economy ministers Elena Salgado and Pedro Solbes.

Although eurozone officials agreed on how the Spanish programme will start, there was continued division on how it will be completed. Mr Rehn reiterated that bailout loans from the new eurozone rescue fund, the European Stability Mechanism, will eventually be injected directly into Spanish banks, allowing Madrid to take the bank liability off its national books.

But Wolfgang Schäuble, the German finance minister, said on Tuesday morning that no formal decision had been taken on how that would work and left open the possibility that Spain could still be asked to guarantee the ESM against losses if the bailed-out banks defaulted on their rescue loans.
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Шойбле из немецкого Минфина рассчитывает на решение Конституционного Суда по поводу закона о фонде ESM до начала осени. 

German Finance Minister Wolfgang Schaueble said on Wednesday he hoped Germany's Constitutional Court would pass a judgment on the EU's bailout fund and the fiscal pact before autumn.
   «I hope that they will decide earlier but… as I said yesterday, we aren't putting pressure on the government,» he told Germany's Deutschlandfunk radio.
   He added that he was confident the court would rule that the European Stability Mechanism (ESM) and fiscal compact were compatible with the constitution. 
   
 
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 Norbert Barthle ведущий политик из коалии Меркель, полагает что ситуация в Еврозоне становится очень опасной из-за затягивания принятия решений со стороны Конституционного Суда по поводу ESM

A senior German lawmaker warned Wednesday that the
situation in Europe could become dangerous if it takes the German
Constitutional Court several months to decide on the constitutionality
of the European Stability Mechanism, Europe's permanent bailout fund.
 
     «If I look to Spain and Italy, the house is burning, so to speak,»
Norbert Barthle, the budget speaker of Chancellor Angela Merkel's
center-right CDU/CSU bloc, told German national radio DLR.
 
     If it would really take three to four months before the court
delivers a ruling, then countries like Spain or Italy might not even
have access to capital markets anymore, he cautioned. «Situations would
arise then which would be only hard to control,» he said.
 
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Хорошо, что  Карсруэ не Берлин, и не  Брюссель и при этом не претендует на роль резиденции европейского антипапы Авиньон. Но назвать конституционный суд абсолютно независимым в 63-х летней истории Основного закона ФРГ, с учётом печально известного решения запрета на профессии (Berufsverbot), как-то не очень получается. Ну уговорят ( «уже сарай горит» ), пригрозят в конце концов штаб-квартиру в Берлин перевести.
К этой «печальке» (очень метко от Патриции) добавилось сохранение на 2 года мандата г-на Юнкера на место председателя еврогруппы,  вместо переизбрания (номинировался Шойбле, но с  лягушатниками вновь не пошли на обострение ).  Мандат Юнкера собственно давно истёк (с 1 января 2005 года) — согласно регламенту максимум 2 срока по 2 года. 12 сентября 2008 г. под председательством бывшей минфин Франции г-жи Лагард, срок полномочий был продлён.  Был бы Волфганг Шойбле лучче как кризисный менеджер, трудно сказать. Самый расхожая характеристика бывшего премьера Люксембурга как специалиста по финансам  в нембанках — болван. 
А самый прикол всей  ситуации, Шойбле утверждает новые  миллиардные вливания, а канцлерша едет в Индонезию, продавать танки «Леопард 2». 100 штук всего. Б/ушные...
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