German court to hear case against ESM, ECB bond-buying in June

Published April 19, 2013

| Reuters

Germany's Constitutional Court said on Friday it would hold a public hearing on a complaint against the euro zone's bailout fund, the European Stability Mechanism (ESM), and the European Central Bank's bond-buying program on June 11 and 12.

The court based in Karlsruhe ruled last September that the ESM did not violate German law and could go ahead but insisted on veto rights for parliament. That same month, the ECB announced plans to buy "unlimited" amounts of bonds from stricken euro zone states to reduce their borrowing costs.

(Reporting by Ilona Wissenbach; Writing by Stephen Brown and Sarah Marsh, Editing by Gareth Jones)

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