German Constitutional Court Says May Need Up To Three Months To Deliver ESM Verdict
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.
German Const. Court may take up to three months (!!!) 2 deliver verdict ... Judge says "careful deliberations" needed
— Silvia Wadhwa (@EuroWadhwa) July 10, 2012
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:
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.