with their request for a temporary injunction sought by the complainants that the Federal Republic of Germany is forbidden to grant to stabilize the European currency area grants to the Hellenic Republic.
The Hellenic Republic has since 2001 a member of the group of 16 of the 27 EU member states whose common currency is the euro (EMU). The information on the size of the Greek budget deficit was revised in 2009 from 5% to almost 13% of the gross domestic product. For 2010, an increase of public debt to 125% of the gross domestic product, more than twice the permissible value of 60%, calculated. The European Council met on 11.02.2010 in Brussels in the interests of stability of the euro on possible action in regard to Greece, to advise. After great turmoil in financial markets, the EU declared its readiness to assist Greece in addition to financing from the International Monetary Fund (IMF) with their own bilateral loans. After the rating for Greece on 09.04.2010 was downgraded to BBB and the risk premiums on Greek government bonds rose to record levels and this has led the finance ministers of EU states to force an agreement on determine the structure of bilateral loans, and by their size and their interest rate. On 23.04.2010 requested the Hellenic Republic and EU financial support of the IMF. The three-year funding program of the IMF has an estimated total of 110 billion € in the form of coordinated bilateral loans. Up to 30 billion euros in the first year. The proportion of each State to the loans measured at the respective contributions of the States of the euro area the ECB's capital. (Except Greece)
The share of the Federal Republic of Germany in the 15 states of the euro group is 27.92%. Thus, the share is the lending of 22.4 billion euros (8.4 billion in first Year). To take the necessary measures at the federal level, the German Bundestag adopted on 07.05.2010 the impugned Monetary Union Financial Stability Act (WFStG). The WFStG was adopted by the Bundestag at 12:00 of 07.05.2010. The Federal Council approved at 14:30. After signing and execution by the President, the WFStG was announced on the same day in the Federal Gazette.
Even before the approval of the Bundesrat, the complainants have lodged a constitutional complaint against the WFStG and simultaneously requested, the President of the enactment of the law and the federal government prohibit the execution of the law for the time being. claim on the constitutional complaint the complainant to establish that the WFStG them their fundamental rights (fundamental rights and equal rights) under Article 38 I, 14 violated Article I and 2 I GG. The Federal Republic violated the complainant specifically by the agreement and the granting of financial assistance to the Hellenic Republic. In addition, request the complainant noted that the agreements of the EU which have been denied aid to the Hellenic Republic, including Germany, declared their basic rights and fundamental rights, equal rights violated.
The merits of the application for an interim arrangement to bring the complainant following. The violation of fundamental rights of their basic equal rights and Rights could only be averted if Germany do not contribute through financial ability to pay of the Hellenic Republic. If a decision is awaited on the merits, there is a risk that can be done at Greece financing irreversible. In addition, through the financial support to Greece a fait accompli, up to which other Member States of the euro group, whose solvency is also doubtful.
The Constitutional Court considers that the request below is well founded. In examining the interim measures which have reasons for the unconstitutionality of the challenged act of the public Violent talk, be disregarded, unless the coveted mainly finding it transpired from the start as inadmissible or unfounded. In this case the application for the much sought after because of the arrangement due weighing of consequences is unsuccessful. This is despite also the question of whether the application in view of the fact that before the announcement was made by the constitutional complaint challenged the law, could be illegal. Open questions of the admissibility and merits of the constitutional complaint the Constitutional Court in this case can also be disregarded.
Of everyone would threaten serious harm, shall be taken if the arrangement and would be taking over the Warranties would turn out as constitutionally permissible.
"The Federal Republic of Germany would have to abort in the case of the adoption of the much sought interlocutory their assistance to the emergency measures to maintain the solvency of the Hellenic Republic just when it is required. This would disappoint not only by past behavior fostered expectations of partners in the euro area. "
was also the feasibility of the whole rescue package at risk. This results, according to the federal government great harm to the public. If the goal pursued by the WFStG be missed, so should the likelihood of insolvency Greece can not be avoided, would be the stability of the entire monetary union at risk. Also available are not sufficient evidence that force one to believe that monetary and fiscal policy assessment of the federal government has failed. could arise
The disadvantages if the interim relief were not granted, so weigh less heavily. A significant injury is caused in the public interest not from the possibility of using the federal case in the entrance. The potential liability is by reducing the current risks outweighed the federal budget, resulting from the financial instability in the European Monetary union could result. The applicants have also submitted no evidence that, in particular their right under Article 14 I GG could be directly affected as a result of hard just guaranteed lending.
BVerfG Dec. v. 07.05.2010 - 2 BvR 987/10
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