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\f0\fs24 \cf2 (Image Source: {\field{\*\fldinst{HYPERLINK "http://www.businessinsider.com/bundesverfassungsgericht-decision-on-the-esm-2012-9"}}{\fldrslt
\cf3 \ul \ulc3 Business Insider)\'a0}}\ \uc0\u8232
\b BY NICHOLE CARTMELL AND JOHN O\'92CONNOR \b0 \
\ \pard\pardeftab720\sa240
\b \cf2 ANCHOR LAUREN GORES \b0 \
\uc0\u8232 \u8232 Germany\'92s highest court has rejected the public\'92s calls to block
the permanent Eurozone rescue fund. {\field{\*\fldinst{HYPERLINK "http://mms.tveyes.com/MediaDownload.asp?MDID=1192844&MDS=6444"}}{\fldrslt
\cf3 \ul \ulc3 ITV News explains}}.\uc0\u8232 \u8232
\b \'93A German court gave the country the green light to ratify the deal. But the court
was clear there would be no increase in Germany's financial exposure to the bailout fund in
the future without parliament's approval.\'94\'a0 \b0 \uc0\u8232 \u8232 {\field{\*\fldinst{HYPERLINK
"http://www.bbc.co.uk/news/business-19574506"}}{\fldrslt \cf3 \ul \ulc3 A member of the ruling German
coalition tells the BBC}} the decision was\'a0a \b \'93clear landmark\'94
\b0 that the German parliament \'97 not the public \'97 is the one in control of the country\'92s
financial obligations to the Eurozone.\'a0\uc0\u8232 \u8232 {\field{\*\fldinst{HYPERLINK "http://www.usatoday.com/money/markets/story/2012/09/12/world-stocks-rise-on-german-ruling-on-bailout-fund/57755556/1"}}{\fldrslt
\cf3 \ul \ulc3 According to USA Today}}, the plan \'97 known as the European Stability
Mechanism bailout \'97 is welcomed by the 17 Eurozone leaders who hope it will calm
the current debt crisis.\uc0\u8232 \u8232 \b \'93The fund is considered crucial to resolving
the European debt crisis because it can loan money to cash-strapped governments. The fund
cannot work without Germany, Europe's largest economy.\'94\'a0
\b0 \uc0\u8232 \u8232 {\field{\*\fldinst{HYPERLINK "http://www.marketwatch.com/story/top-german-court-allows-esm-ratification-2012-09-12"}}{\fldrslt
\cf3 \ul \ulc3 MarketWatch notes}} that Germany won\'92t be bound by the treaty unless certain
conditions are met.\uc0\u8232 \u8232 \b \'93 \'85 the judges attached various conditions
to the ESM, saying a total cap on Germany's liabilities under the ESM must be capped for
the measure to conform with the country's \'85 constitution.\'94
\b0 \uc0\u8232 \u8232 While the President of the European Parliament applauded the ruling,
he expressed some concerns about Germany\'92s contribution{\field{\*\fldinst{HYPERLINK "https://twitter.com/MartinSchulz/status/245814265209044992"}}{\fldrslt
\cf3 \ul on twitter}}.\uc0\u8232 \u8232 \b \'93German court ruling on ESM good for
Europe and for the euro, but confirms need for parliamentary control on common decisions.\'94\'a0
\b0 \uc0\u8232 \u8232 And in a collective sigh of relief, European stocks rallied.\'a0{\field{\*\fldinst{HYPERLINK
"http://money.cnn.com/2012/09/12/investing/world-markets-germany/"}}{\fldrslt \cf3 \ul \ulc3 CNN says}} the euro climbed
higher and borrowing costs in Spain and Italy came in at their lowest levels in six months.
This could ease investor\'92s concerns. A professor of taxation at Oxford University
says...\uc0\u8232 \u8232 \b \'93I think the uncertain[ty] about short
term exits [from the European Union] of Greece and other countries like Spain has been reduced."\'a0
\b0 \uc0\u8232 \u8232 CNN reports the euro is now at a four-month high against the U.S.
dollar, falling just below $1.30.\ }