German court rules that euro bailouts are legal but places restrictions on approval of rescue plans

LONDON – A highly anticipated ruling by Germany's Constitutional Court both helped and hurt Chancellor Angela Merkel's battle to shore up the euro on Wednesday. The powerful panel of judges declared that bailouts to troubled nations were legal but also ordered that future rescues using German funds must first be approved by a parliamentary panel.

Analysts and markets appeared to breath an immediate sigh of relief. The German DAX was up 3.5 percent in afternoon trading there; London's FTSE index rose 2.3 percent, and France's CAC was up 2.6 percent.

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Neil Irwin 07 Sep, 2011

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Source: http://feeds.washingtonpost.com/click.phdo?i=55317b351c734c084c38280567653867
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