‘Standard & Poor’s Ratings Services said today that the delay by the Federal Republic of Germany (unsolicited ratings AAA/Stable/A-1+) in ratifying the European Stability Mechanism (ESM) has no immediate rating implications for sovereigns in the European Economic and Monetary Union (EMU or eurozone).
The ruling coalition and the main opposition parties have been able to agree on a pact for sustainable growth and employment. This therefore established the necessary two-thirds majority required for parliamentary ratification of the ESM, expected on June 29, 2012. However, Federal President Joachim Gauck is reportedly withholding his signature until the Federal Constitutional Court in Karlsruhe has given its opinion on whether the ESM is compatible with the German constitution
- German Constitutional Court takes Power away from Merkel, says Parliament is Superior. Thanks to B. (jhaines6.wordpress.com)
- According to the ESM, Ireland will have to pay 11,145,400,000 (thepressnet.com)
- Update-2:Germany:Govt,Opposition Reach Deal On Fiscal Compact (forexlive.com)
- German Supreme Court rules against Merkel on ESM. Will she now recognise the Rule of Law? (thepressnet.com)