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06/21/2012
German President May Delay Ratification of EU Bailout Fund
Berlin, German ratification of the European Union's permanent bailout fund may be delayed after the country's highest court asked President Joachim Gauck to delay signing the legislation in the face of a potential lawsuit.
It casts doubt on whether the mechanism, known as the European Stability Mechanism, can take effect in July as planned.
Left-wing members of the German parliament said last week they would file a complaint against the ESM after parliament votes on the bill June 29.
"The President intends to accede to this request in accordance with established practice among the state constitutional bodies and out of respect to the Federal Constitutional Court," a spokesman for Mr. Gauck said in a statement.
It is a blow to Chancellor Angela Merkel's efforts to contain the region's debt crisis only hours after opposition parties agreed to vote in favor of the bill. Any delay in German ratification would make it harder for Ms. Merkel to press other EU nations to back the measures aimed at easing the euro-zone's sovereign-debt crisis.
The ESM will replace the existing bailout fund, the European Financial Stability Facility, and allow for more targeted rescues of euro-zone countries, bypassing the need for full sovereign bailouts.
Only Thursday the German government and opposition reached an agreement that would ensure Ms. Merkel's coalition government gets enough votes in parliament to ratify the ESM, along with the fiscal pact.
The pact, formally called the Treaty on Stability, Coordination and Governance, institutes national budget requirements and penalties for member states. It was signed by 25 EU states in March and must be ratified by national governments. The U.K. and Czech Republic did not sign.
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