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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Tue, 07/10/2012 - 10:55 | 2602075 BaBaBouy
BaBaBouy's picture

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

Then we can expand it to 2 years ...

Tue, 07/10/2012 - 10:58 | 2602116 OttoMBMP
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.

Tue, 07/10/2012 - 11:05 | 2602144 Precious
Precious's picture

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

Tue, 07/10/2012 - 11:08 | 2602163 zilverreiger
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.

Tue, 07/10/2012 - 11:13 | 2602176 Precious
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.

Tue, 07/10/2012 - 11:35 | 2602298 Thamesford
Thamesford's picture

I thought the caption should be:

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

 

 

Tue, 07/10/2012 - 11:47 | 2602314 Precious
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.

http://blog.cleveland.com/world_impact/2008/06/large_ZIMBABWE_Meye.JPG

http://www.zentaicharm.com/images/v/201206/b/13407716834.jpg

 

Tue, 07/10/2012 - 11:49 | 2602355 OttoMBMP
OttoMBMP's picture

What is your culture? I am curious!!!

Tue, 07/10/2012 - 11:59 | 2602380 Precious
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.  

http://nimg.sulekha.com/others/original700/silvia-fernandez-de-gurmendi-...

 

 

Tue, 07/10/2012 - 12:23 | 2602448 The Big Ching-aso
The Big Ching-aso's picture

 

 

Holy crappola.   The Vatican has relocated to Dusseldorf.

Tue, 07/10/2012 - 11:44 | 2602336 Sandmann
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 ?

Tue, 07/10/2012 - 11:16 | 2602203 Stock Tips Inve...
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?

Tue, 07/10/2012 - 14:57 | 2603077 Bunga Bunga
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.

Tue, 07/10/2012 - 14:55 | 2603061 Bunga Bunga
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.

 

 

Tue, 07/10/2012 - 12:17 | 2602479 Sandmann
Sandmann's picture

Art 20 (4) has something to say about that

Tue, 07/10/2012 - 10:51 | 2602076 fonzannoon
fonzannoon's picture

So we have 3 more months of this.

Tue, 07/10/2012 - 11:01 | 2602089 hedgeless_horseman
hedgeless_horseman's picture

 

 

So we have 3 more months of this.

...just barely enough time for an Italian to squeeze in a vacation.

Tue, 07/10/2012 - 11:13 | 2602196 Cognitive Dissonance
Cognitive Dissonance's picture

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

http://www.imdb.com/title/tt0098627/

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

Tue, 07/10/2012 - 12:21 | 2602488 gmrpeabody
gmrpeabody's picture

Looks like France has fallen off his ski...

Tue, 07/10/2012 - 11:35 | 2602301 BlandJoe24
BlandJoe24's picture

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

Tue, 07/10/2012 - 11:57 | 2602394 falak pema
falak pema's picture

looks like Portofino type location, aka Ligurian coast. 

Tue, 07/10/2012 - 12:34 | 2602523 Mark Carney
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......

Tue, 07/10/2012 - 13:01 | 2602578 Ratscam
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.

Tue, 07/10/2012 - 13:27 | 2602738 XitSam
XitSam's picture

Pretty sure is is Positano, Italy. 

Tue, 07/10/2012 - 13:51 | 2602837 JohnKozac
Tue, 07/10/2012 - 10:56 | 2602111 Getting Old Sucks
Getting Old Sucks's picture

Three months to decide followed by three years to implement.

Tue, 07/10/2012 - 11:03 | 2602146 Cursive
Cursive's picture

@fonzannoon

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

Tue, 07/10/2012 - 11:36 | 2602306 fonzannoon
fonzannoon's picture

funny shit.

Tue, 07/10/2012 - 10:52 | 2602077 BaBaBouy
BaBaBouy's picture

...

Tue, 07/10/2012 - 10:53 | 2602090 sunaJ
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.

Tue, 07/10/2012 - 10:54 | 2602091 Quintus
Quintus's picture

But no injunction though?  Where does that leave things?

Tue, 07/10/2012 - 11:00 | 2602135 OttoMBMP
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.

Tue, 07/10/2012 - 11:08 | 2602162 Quintus
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.

Tue, 07/10/2012 - 11:25 | 2602247 MachoMan
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.

Tue, 07/10/2012 - 10:54 | 2602092 Peter K
Peter K's picture

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

Bitchzzzz :)

Tue, 07/10/2012 - 10:54 | 2602093 NIRee
NIRee's picture

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

Tue, 07/10/2012 - 10:54 | 2602095 icanhasbailout
icanhasbailout's picture

Epic bribery initiative commencing....

Tue, 07/10/2012 - 10:54 | 2602096 Martial
Martial's picture

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

Tue, 07/10/2012 - 10:57 | 2602112 ThunderingTurd
ThunderingTurd's picture

Tick, tock, tick, tock...

Tue, 07/10/2012 - 10:58 | 2602123 john39
john39's picture

what a surprise, more delay games... 

Tue, 07/10/2012 - 11:04 | 2602148 Nussi34
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!

Tue, 07/10/2012 - 11:05 | 2602151 Dr. Engali
Dr. Engali's picture

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

Tue, 07/10/2012 - 11:45 | 2602341 Monedas
Monedas's picture

Obama's re-election ?

Tue, 07/10/2012 - 11:06 | 2602155 Conman
Conman's picture

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

Tue, 07/10/2012 - 11:10 | 2602161 The Big Ching-aso
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

Tue, 07/10/2012 - 11:08 | 2602169 sudzee
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.

Tue, 07/10/2012 - 11:12 | 2602185 BlackVoid
BlackVoid's picture

clowns

Tue, 07/10/2012 - 11:12 | 2602186 Bogdog
Bogdog's picture

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

Tue, 07/10/2012 - 11:13 | 2602191 Peter K
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

Tue, 07/10/2012 - 11:17 | 2602211 Nussi34
Nussi34's picture

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

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