German Constitutional Court Says May Need Up To Three Months To Deliver ESM Verdict

Tyler Durden's picture

Earlier today, when futures were soaring, we rhetorically asked whether "A German Constitutional Court Delay Today Cripple The EUphoria?" a delay which "could have  “serious economic consequences” for the  Eurozone as well as Germany, and  in turn would risk placing the entire  euro project “in question,”  Schaeuble warned." Specifically, in terms of timing we said "Judges during the hearing suggested a two-part decision was likely, first on the injunction in about three weeks, and then in early 2013 on the broader constitutional question." Moment ago, according to CNBC's Sylvia Wadhwa, the court has announced the delay could be as great as large as three months, which in turn would put the Schauble scenario into play.

At least Jean-Claude Juncker was reappointed and can dispense lies as he sees fit, whenever is critical as he has done during his entire tenure.

Below are German constituional judges in full Spanish hope-crushing garb:

From Spiegel:

The Federal Constitutional Court will take the fast track to appear for euro rescue ESM and Fiscal Pact more time than previously thought. Chief Justice Andrew Voßkuhle announced at the hearing on Tuesday a "constitutionally reasonable inspection" of complaints, which could extend beyond a normal emergency procedures. This could, according to those involved take up to three months.


The law for the ESM had originally been planned to enter on July 1 but was postponed because of complaints filed. For the fast track was actually expected to last up to three weeks.


Voßkuhle explained in a summary trial would indeed usually weighed only the particular disadvantages that arise when the urgent application is granted or not. Such a pure result without consideration of statements about the content of the complaints in a specific case but will probably not understood internationally. The urgent application is upheld, it is stated in the international press: "euro rescue stopped." The applicants were entitled to but a decent two-part process with a thorough examination in the main proceedings.

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BaBaBouy's picture

Sure ... Just refer it to HOLDER, the Expert ...

Then we can expand it to 2 years ...

OttoMBMP's picture

This might be a rigged game.

Perhaps the government will now be able to force the president to sign the ESM law AHEAD of any court decision.

Then it will be binding internationally and there will be no way back, no matter what the court decides.

Precious's picture

EU is now in the hands of these pretentious little German elves.  Classic.

zilverreiger's picture

This is the normal look of german bureaucrats. As long as you have the right form, there's no need to fear them.

Precious's picture

We now know where Mike Meyers got the inspiration for the Austin Powers costume.   Note the self loathing looks on their faces.  Appropriate.

Thamesford's picture

I thought the caption should be:

"Men in Hats to decide if it is 'safe' for EU to 'dance' "



Precious's picture


Why would anyone need to believe in aliens when the Germans dress up like this shit.  Seriously people.  Examine your culture.  Take a second measure of it.  Stop fucking pretending.  Martin Luther is dead.  Reconnect with reality.  Stop soaping up the people.


OttoMBMP's picture

What is your culture? I am curious!!!

Precious's picture


Who gives a fuck what you're curious about.   I'm nobody.  This has nothing to do with me.  So put your perveted freudian analysis text back on the fucking shelf next to your pictures of your mother.

Amazing the tards on ZH can't even recognize the brainwashing behind these shallow illusions of power.  What vast miracles inculturation has achieved.



The Big Ching-aso's picture



Holy crappola.   The Vatican has relocated to Dusseldorf.

Sandmann's picture

When will the US Supreme Court get to rule on whether the President is entitled to murder US CItizens on US soil ? Or has the Head of the FBI simply stated the Irrelevance of Article III ?

Stock Tips Investment's picture

The German court is sure to take a while to make its final decision. But the rest of European countries have to start doing their part. There is a misconception that the "rescue programs" are the solution to European problems. That's not true. Europe must adopt a series of measures and structural changes. The question is, are truly willing to do?

Bunga Bunga's picture

Even the president of the Bundesbank Weidmann said, that ESM is kicking the can down the road and does not solve institutional issues at all. I think that are very clear words by a central banker.

Bunga Bunga's picture

You are essentially saying stupid democracy is in the way for a quick fix paid by taxpayer, after greedy bankers fucked up the world economy.



Sandmann's picture

Art 20 (4) has something to say about that

fonzannoon's picture

So we have 3 more months of this.

Cognitive Dissonance's picture

I was thinking more like a Weekend At Bernie's.

There's Germany all tied up in the back of the boat. Spain is (of course) driving while Italy is waiting for his turn at the wheel. This ought to be fun.

Weekend at Bernie's

gmrpeabody's picture

Looks like France has fallen off his ski...

BlandJoe24's picture

Anyone know which Italian town this is?  Gorgeous.....Maybe if EUR/USD really tanks I can afford to visit... :-)

falak pema's picture

looks like Portofino type location, aka Ligurian coast. 

Mark Carney's picture

Looks like Amalfi coast, Positano? was there last year. best f#*kin pizza ever had. better then that tomaoted bread with processed cheezw we get here......

Ratscam's picture

best thin crust pizzas are made with 150-170 gramms of dough. Hard though to swing the dough to a 30 cm diameter with that little material.

XitSam's picture

Pretty sure is is Positano, Italy. 

Getting Old Sucks's picture

Three months to decide followed by three years to implement.

Cursive's picture


Makes me want to open up a commodities trading group and buy up the Euro with all of my client's money.

sunaJ's picture

That's right.  All they have to do is step back and watch it implode.  The Germans would be foolish to keep dipping their willie in the EU cesspool.

Quintus's picture

But no injunction though?  Where does that leave things?

OttoMBMP's picture

If I get this right they will take three months for their decision about the injunction.

And that opens a soft spot. A possible later injunction is no injunction and the president might just sign. And than it's fait accompli.

Quintus's picture

That's my suspicion.


Then later, even if they rule against the ESM (Unlikely) it'll be too late to do anything about it.

Of course, the other way of considering this is that perhaps the German leadership are looking for an excuse to cut the panhandling southern states off and this is exactly what they want to happen - a non-committal delay to the ESM, by the end of which it'll be too late for Spain and Italy.

MachoMan's picture

The trick to keeping faith alive is ambiguity...  The FED are masters...  but most of the participants are really, really good at it.  No critical mass can be achieved, given it would result in breaking containment and leading to meaningful change.

Peter K's picture

Another EU success. Therefore.......Risk On/Reality Off

Bitchzzzz :)

NIRee's picture

Probably the time it takes them to print up the new DM and prepare their banks for the currency swap.

icanhasbailout's picture

Epic bribery initiative commencing....

Martial's picture

Perfect....right in time for the Autumn meltdown.

ThunderingTurd's picture

Tick, tock, tick, tock...

john39's picture

what a surprise, more delay games... 

Nussi34's picture

Given that one idiot from the European Parliament said that the Court does not understand the comlexity of the matter I propose they take 4 years and get aother PhD before the ruling!

Dr. Engali's picture

There is something these people know about three months from now. Everything seems to revolve around that time frame.

Conman's picture

Its ok, spain is rushing to get direct bank recaps from EFSF first before anyone can notice whats up.

The Big Ching-aso's picture



LIBOR Das Minus Null /Nein Begrenzen.......

"There's no certainty like uncertainty, and uncertainty's no certainty at all."

Bob Dylanschmidt

sudzee's picture

I beleive the constitutional court has a backlog of 18,000 complaints to look over. Maybe be done in a few years. EZ and the US have run out of assets to rehypothocate. There is no QE3 coming period.

Bogdog's picture

Oh happy joy! EUR/USD spiking nicely as a result. Money!

Peter K's picture

CNBC/Silvia just said that Weidmann stated to the court that the markets are questioning the viability of the Euro currency.

I am speachless. Really

Nussi34's picture

Some realistic assessment about this fucked up useless esperanto currency is good!