September 12, 2012
German Court Approves ESM While Ruling "No Unlimited Liability, Parliament Must Approve Changes in Ceiling"; Sigh of Relief Reaction
For further discussion, please see Target2 and the ELA (Emergency Liquidity Assistance) program; Reader From Europe Asks "Can You Please Explain Target2?" Moreover, the recently hatched OMT plan of Mario Draghi in and of itself has potential unlimited liability in that it allows unlimited purchases of sovereign bonds for which Germany and other countries are responsible for their share of the pie in accordance with percentages noted in the above link. Finally, please note that 37,000 people signed a petition against this deal, and polls show it likely would not have passed if put to a vote.
