German delays over bailout fund

The German constitutional court said yesterday that it would keep Brussels waiting for nearly two more months before announcing on 12 September whether the core Eurozone country can legally ratify Europe's permanent bailout scheme and the fiscal pact for budget discipline. Constitutional experts see the court approving the European Stability Mechanism (ESM) and fiscal pact, albeit with warnings, while parliament's approval of Spain’s banking bailout on Thursday requires only a simple majority, providing some relief for under-pressure Chancellor Angela Merkel.