Europe’s Highest Court Says the Bailout Fund Violates EU Law and Should Be Banned From Its Current Form

“The euro area’s 500 billion-euro ($652 billion) bailout fund faces another test as the European Union’s highest court weighs claims that the firewall violates EU law and should be banned in its current form.

A complaint by Thomas Pringle, an independent member of the Irish parliament, has reached the EU Court of Justice, which has the power to topple the European Stability Mechanism, or ESM. Pringle, the European Commission and European Parliament as well as EU nations including Ireland, Germany and France attended a hearing at the court today. A ruling is possible as soon as the end of the year under a fast-track procedure.”

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