E.U. Bailout Fund to be Challenged in Highest Court
- OurStudio
- Oct 23, 2012
- 1 min read
The euro area's 500 billion-euro ($652 billion) bailout fund faces another test as the European Union's highest court weighs claims that the firewall violates EU law and should be banned in its current form.
A complaint by Thomas Pringle, an independent member of the Irish parliament, has reached the Luxembourg-based EU Court of Justice, which has the power to topple the European Stability Mechanism, or ESM. A hearing is scheduled for today, with a ruling possible as soon as the end of the year under a fast- track procedure.
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