German Finance Minister defends Treaties Busting Bail Outs

The Irish Times has a good report in English of the likely EU shattering events of this morning in the German Constitutional Court, a quote:

The plaintiffs argue that multi-billion euro aid packages for Greece and other euro zone strugglers are incompatible with EU treaties and could end up turning the EU into a financial "transfer union" from richer to poorer states.

"Rescuing the euro by destroying the fundamental norms of the currency's constitution is like repairing water damage by blowing up the building," said Dietrich Murswiek, lawyer for one of the plaintiffs, Peter Gauweiler of the Christian Social Union, a conservative Bavarian party in Dr Merkel's coalition.

Together with the International Monetary Fund, the EU has since last year approved bailout packages for Greece, Ireland and Portugal totalling €273 billion. A second bailout of Greece is under discussion after the first one turned out to be insufficient.