Germany Finalizes Ratification for the EU Bond Buying Plan

“BERLIN (Reuters) – Germany cleared the last legal hurdle to ratifying the euro zone’s new bailout fund on Wednesday with a cabinet declaration that addresses concerns raised by the country’sConstitutional Court.

Germany is the last country in the 17-member euro zone to complete ratification of the European Stability Mechanism (ESM), an important tool to stem the three-year debt crisis that has forced bailouts of Greece, Ireland and Portugal and now threatens big countries like Spain and Italy.

German ratification was held up for months by legal complaints against the ESM. The Constitutional Court finally gave the bailout fund the green light on September 12 but said the government must also meet certain conditions.”

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