For how much longer will Germany continue to bailout its indebted European neighbors? The “bailout ruling” by Germany’s top court is actually far more stringent than the story headlines suggest.
Big hat tip here to our European correspondent Dr. Evil – who sent this along, and quite honestly, basically wrote the whole story!
Headline: German MPs “need more say on bailouts”
But the fine print – or rather, the regular print, says a bit more:
1. “The federal government is required to seek the approval of the parliament’s budgetary committee before handing over guarantees”
2. Parliament must have “sufficient influence” over the conditions attached to future rescue deals
3. It may not approve deals that could lead to an unforeseeable burden on future parliaments
4. Parliament may not approve any deal that leads to a pooling of national debt, apparently ruling out the idea of “eurobonds”.
To paraphrase the great Western philosopher and social observer Dee Snyder – it looks like the Germans aren’t going to take it, anymore.