EU ESM LEGALITY: Karlsruhe Court slows things down

Judges in Germany’s Karlsruhe Constitutional Court suggested today that they were being rushed into a decision on the legality of the ESM.

But the Judges did make clear that there will be NO final decisions today on the constitutionality of the ESM and Fiscal Compact approved by European leaders and passed with a two-thirds majority by Germany’s Bundestag during June.

So: already there is more delay than Merkel thought. The more I look at this, the more I think Gauck’s goal is to talk out the ESM/Fiscal Pact laws until such time as it is obvious to even the Bild reader that the eurozone is destined to bankrupt the Fatherland.

But in the meantime, Standard & Poor’s Ratings Services said today it had affirmed its ‘AA-‘ long-term and ‘A-1+’ short-term issuer credit ratings on the German State of North Rhine-Westphalia (NRW). The outlook is stable.

All Quiet on the Western Front, then.