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German Federal Constitutional Court To Challenge Greek Bailout, Claims Action Is Unconstitutional

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Thu, 06/09/2011 - 11:56 | 1354624 achmachat
achmachat's picture

you really can't make these things up!

 

Fri, 06/10/2011 - 00:51 | 1356997 StychoKiller
StychoKiller's picture

Everyone willing to help Greece by buying a bond, raise yer wallet...(didn't think so!)

Thu, 06/09/2011 - 11:57 | 1354629 oogs66
oogs66's picture

the bankers will find the constitution unconstitutional if they don't get what they want

Thu, 06/09/2011 - 12:43 | 1354798 hedgeless_horseman
hedgeless_horseman's picture
From the White House press conference earlier this week...     by hedgeless_horseman
on Tue, 06/07/2011 - 12:22
#1347083

 

"There is actually a ban on bailouts in the treaty, but we will ignore the ban so the banks do not lose any money, but rather the tax payers will pay more."*

                            

                                  -Angela Merkel

 

 

*My translation from the German.

Thu, 06/09/2011 - 12:44 | 1354822 Quintus
Quintus's picture

Merkel is correct - any form of inter governmental bailout is explicitly prohibited by the Lisbon Treaty.  The clause was put there at the insistence of the Germans to avoid a situation where they would end up being responsible for bailing out less responsible countries.

How strange then, that when this exact circumstance came to pass, they have chosen to ignore the protection they themselves put in place.

Thankfully, it appears that the Constitutional Court does not agree with this action.  I hope that they will exercise the political independence and strict interpretation of the law that one would expect of a senior court, but bitter experience tells me that this will not be allowed and they will be pressurised into going along with the illegal bailouts.

Thu, 06/09/2011 - 13:16 | 1354921 Joebloinvestor
Joebloinvestor's picture

The charter for joining the EU calls for "no bailouts" also.

All that was put in to appease the public, who had the unfortunate idea that they were in charge and they mattered.

The bankers have shown who really is in charge and who matters.

Thu, 06/09/2011 - 13:31 | 1354978 trav7777
trav7777's picture

some nasty business during the big war showed otherwise

Thu, 06/09/2011 - 13:27 | 1354948 dark pools of soros
dark pools of soros's picture

the clause was put there to create the union, not sustain it

 

now it is time for new clauses 

 

 

Thu, 06/09/2011 - 15:40 | 1355426 dracos_ghost
dracos_ghost's picture

Why new clauses?! They already have f*&king Santa Claus.

Thu, 06/09/2011 - 13:40 | 1355008 feelingspicy
feelingspicy's picture

I don't think so. We have had several decisions over very important topics regarding the EU. Almost every time they let the govt have it their way. They make some minor corrections, as it was the case with the Lisbon Treaty, and sell it as if they are the guard of the constitution. The judiciary branch is in bed with the govt aswell.

Thu, 06/09/2011 - 11:58 | 1354638 Racer
Racer's picture

That will be good for a 300point rise in the dow and dax!

Thu, 06/09/2011 - 12:00 | 1354645 SheepDog-One
SheepDog-One's picture

Ah yes, another fly lands in the already fly filled ointment. Apparently EVERYTHING just loves it today, PM's, oil, stocks, currencies, seems it all simply cant rise fast enough to fill the vacuum higher.

Thu, 06/09/2011 - 12:04 | 1354664 Racer
Racer's picture

Yep, they are determined to go after any shorts today, and any who trade on fundamental issues

Thu, 06/09/2011 - 12:02 | 1354656 PaperBear
PaperBear's picture

Go get the banksters, Germany.

Thu, 06/09/2011 - 16:49 | 1355642 Zero Govt
Zero Govt's picture

fat chance, the bankers and German Govt (politicians) have been ruining Germany for Centuries... nothing's changed

...one day (maybe) the German people are going to realise just who has pissed away all their industrious hard work on dumb liberal ideas about unifying Europe (a concept beyond all sanity on any socio-economic level)

Thu, 06/09/2011 - 12:05 | 1354667 Cognitive Dissonance
Cognitive Dissonance's picture

Too funny that any entity or individual would try to challenge anything on constitutional grounds in ANY country. As G W Bush so proudly exclaimed, at least in the USA, it's just a piece of paper.

The PONZI must survive and thus no challenge on ANY grounds will ever be allowed to seriously challenge the PONZI.

Period. Full stop

Thu, 06/09/2011 - 12:05 | 1354669 Motorhead
Motorhead's picture

The EU sure is one big happy family, eh?  (What a joke.)

Nice to see that the German Verfassungsgericht is at least making an effort to defend Germany's constitution, not like other places I know, hehe.

Thu, 06/09/2011 - 12:29 | 1354766 falak pema
falak pema's picture

Like in all false families we love to share the wins. But we hate to share the losses when there is no real blood line, no true solidarity there. Pity, as European nations have been through so much pain in past by falling out amongst themselves. There are such lessons to be learnt from this zero sum "blood letting line" of past.

Humbling for most this meltdown but glorious for those few; if you be a true scavenging carrion who loves to live off raw human flesh. People fall into this 'honey trap' of Oligarchs when they have been blinded by these sharks into thinking... we'll never go back to being poor again...until history teaches us the contrary. We are only fragile pieces of wood, twigs and branches on a tree which could die anytime right down to its roots. That's evolution.

Thu, 06/09/2011 - 12:02 | 1354670 SheepDog-One
SheepDog-One's picture

And all without even a mention to fix any underlying CAUSE of all the bankruptcy....not even a hint that Greeks might actually have to PRODUCE something and up their greuling 3 hour avg workday, or curtail the 6 month per year govt paid holiday season the Greeks enjoy. Nah, just keep bailing it all out thats the only important thing!

Thu, 06/09/2011 - 12:03 | 1354671 LookingWithAmazement
LookingWithAmazement's picture

If it's against the law, they'll change the law.

Thu, 06/09/2011 - 12:38 | 1354793 nathan1234
nathan1234's picture

Not the Germans- if you know and understand them.

Thu, 06/09/2011 - 12:48 | 1354836 hedgeless_horseman
hedgeless_horseman's picture

Right...Germans don't break agreements.  Just ask the Russians.

Thu, 06/09/2011 - 14:09 | 1355107 High Plains Drifter
High Plains Drifter's picture

who should we ask?   stalin? 

Thu, 06/09/2011 - 14:11 | 1355127 Orly
Orly's picture

<<kerrrr-slap!>>

Thu, 06/09/2011 - 12:06 | 1354678 knukles
knukles's picture

LOL

What a clusterfuck. 
Brought to you by the same folks (birthplace of the NWO) who claim that the solution is to make the nightmare bigger yet.
Another great Neo-Keynesian success story.  Are you listening, Mr. Krugman?

Thu, 06/09/2011 - 12:39 | 1354790 nathan1234
nathan1234's picture

Krugman doesnt listen because he is always busy writing bullshit.

Thu, 06/09/2011 - 14:10 | 1355112 High Plains Drifter
High Plains Drifter's picture

hey knukles, you are getting a attitude today pal.  you can't talk to a nobel prize winner like that.....

Thu, 06/09/2011 - 12:13 | 1354696 dick cheneys ghost
dick cheneys ghost's picture

Are they bought and paid for, as our supreme court is?

Thu, 06/09/2011 - 12:23 | 1354733 scatterbrains
scatterbrains's picture

Why would you think they're not ?  This is probably just to take some pressure off Merkel.

Thu, 06/09/2011 - 12:30 | 1354772 Cognitive Dissonance
Cognitive Dissonance's picture

Exactly.

Most people don't fully understand that plausible deniability is a form of currency that is extremely valuable in a world based upon lies. The Big Lie feeds off the willingness of the people to believe the Big Lie as long as people are given a plausible reason to do so.

"Daddy, tell me a (plausible) lie so that I may believe it is the truth."

Thu, 06/09/2011 - 12:36 | 1354792 GeneMarchbanks
GeneMarchbanks's picture

I thought you might take us on a trip to Freudville for a minute there. You're pleasantly sober, I like you.

Thu, 06/09/2011 - 13:05 | 1354884 Cognitive Dissonance
Cognitive Dissonance's picture

It's 5 o'clock somewhere so I won't be sober for long.

Thu, 06/09/2011 - 14:12 | 1355117 High Plains Drifter
High Plains Drifter's picture

ok, go get you are a bottle of herrera and turn it up and i promise you, you will forget about pain and you won't even know your own name........

Thu, 06/09/2011 - 14:38 | 1355210 Cognitive Dissonance
Cognitive Dissonance's picture

Sounds like you are already half in the bag. Wait for me.

Thu, 06/09/2011 - 15:12 | 1355340 High Plains Drifter
High Plains Drifter's picture

sir, i cannot partake nor do i want to at this stage in my life. but i can say, that i remem ber the sins of my youth........ah the privilege of youth.......

on another note. it has been carefully studied i might add. that when the party is going strong and the adult beverages are flowing, it is a fun time, but when the lights go out and you try to make it home without getting a dui ( a classic horror show in houston i might add) , and you are puking your gutts out and you wake up the next day and feel like shit, what may i ask has been accomplished? 

Thu, 06/09/2011 - 16:38 | 1355577 baseball13
baseball13's picture

You have been purged of the evils of the preceeding evening...and are given some suffering to remind you of your sins that they may not be committed again...

Thu, 06/09/2011 - 17:16 | 1355785 High Plains Drifter
High Plains Drifter's picture

i felt like a sinner, while riding the porcelain bus. jose quervo is a friend of mine......OMG ! ha ha ha

Thu, 06/09/2011 - 16:44 | 1355596 SilverDosed
SilverDosed's picture

hopefully you got laid

Thu, 06/09/2011 - 17:14 | 1355778 High Plains Drifter
High Plains Drifter's picture

i went home with a 10 at 2 and got up at 10 with a 2.............

Thu, 06/09/2011 - 16:56 | 1355685 Orly
Orly's picture

 "...dui ( a classic horror show in houston i might add)..."

OMG, Harris County Jail?

Let there be no doubt.  Classic horror show sums it up.

Thu, 06/09/2011 - 17:18 | 1355769 High Plains Drifter
High Plains Drifter's picture

i have been there a few times. i hate it..........

by the way orly, the nicest cops always work graveyard.........ha ha ha

Thu, 06/09/2011 - 17:21 | 1355821 Orly
Orly's picture

Waited for to hours to rescue a girlfriend/co-worker nabbed writing hot checks to her landlord.  I needed a shower coming out of that place.

Ech!

Thu, 06/09/2011 - 17:28 | 1355831 High Plains Drifter
High Plains Drifter's picture

two hours. they must have liked you a lot........ha ha ha ha

Thu, 06/09/2011 - 12:21 | 1354715 Franken_Stein
Franken_Stein's picture

 

In the German judicial system, as in I guess a lot of other judicial systems,

there are those laws, whose infringement are automatically prosecuted by the federal  attorneys,

and there are others, who will only be prosecuted after filing of a complaint witrh the prosecutors.

 

The first case is called: "von Amts wegen (ex-officio)",

the second "auf Antrag (by filing)".

 

That even applies to certain felonies listed in the German penal code, the "Strafgesetzbuch (StGB)".

 

The same goes for constitutional matters, as can be seen in this case.

Such an active filing of a complaint is then called "Verfassungsbeschwerde" - constitutional complaint.

 

Thu, 06/09/2011 - 12:30 | 1354756 Franken_Stein
Franken_Stein's picture

 

As I wrote yesterday already, some of the complainants, who filed their papers 1 year ago already, got a bit nervous and wondered, why the constitutional court seemingly didn't process their complaints and wouldn't name a date for when the main trial would be summoned.

 

The president of the BVerfG meanwhile was seen touring Germany, visiting conferences, holding speeches.

 

So they argued that the court couldn't possibly suffer from too heavy a workload.

 

Which makes it look as if certain orders from above were given to "slow down things a bit".

 

Good to see now that there's some action.

 

Thu, 06/09/2011 - 12:32 | 1354769 nasdaq99
nasdaq99's picture

If anybody saw El Erian this am on cnbc, the most important thing he said today is that the ECB is now a PART OF THE PROBLEM instead of part of the solution.  Because they own so much peripheral debt they are willing to sacrifice the PIIGS in order to stay solvent themselves.........

Thu, 06/09/2011 - 12:32 | 1354780 nasdaq99
nasdaq99's picture

Furthermore, Trichet knows this junk heap is going down, he's just buying time until he retires this fallllllllllllllllllllllllllllllllllllllll.........................

Thu, 06/09/2011 - 13:27 | 1354932 THE DORK OF CORK
THE DORK OF CORK's picture

Nonsense - if they have the Gold on their books they can monetize at will given that most European debt is internal - they are merely extending the pain of the debt crisis so that their clients can take control of remaing state assets and break the remaining small soverginity of nations.

The Orwellian named stability and growth pact has been designed from the outset to fail.

Just look at the ratio of goverment to private debt in the EMU since inception - destruction is built into the system even if not only a small amount of new debt is added every year.

Its the ratio of public / private debt that really matters not the debt to GDP which is a false metric.

The ECB copied Jackson's mistake of destroying goverment debt creating a speculative frenzy amongest the state banks and subsequent depression due to malinvestment.

These are bad bastards.

Thu, 06/09/2011 - 15:35 | 1355419 Reptil
Reptil's picture

nailed it.

 

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