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Germany's high court suspects that ECB bond buying is illegal
German Court Warns There Are 'Important Reasons to Assume' ECB Bond Buying Is Illegal
By Bruno Waterfield
The Telegraph, London
Friday, February 7, 2014
Germany's constitutional court has warned that it has "important reasons" to rule against the European Central Bank's promise to buy unlimited government bonds in order to save the euro.
The move is a blow to the euro's credibility because the ECB's September 2012 announcement that it was prepared to make the potentially unlimited sovereign bond purchases to defend the European Union's single currency is credited with saving the eurozone.
Eight judges representing the Senate of the Bundesverfassungsgericht, Germany's highest court, have announced that it will make a final ruling on the ECB's Outright Monetary Transactions (OMT) programme only after referring their questions for "interpretation" in the EU courts. ...
... For the complete story:
http://www.telegraph.co.uk/finance/financialcrisis/10623728/German-court...
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