German FinMin defends aid for Greece and the euro's support mechanism

German Finance Minister Wolfgang Schäuble on Tuesday defended decisions on Germany's participation in the loan aid contract to Greece and the temporary support mechanism of the Euro EFSF.
Schäuble invoked at the hearing before Germany's Federal Constitutional Court the threat conditions for the euro that led to the decisions for support for Greece and the other overindebted countries of the Eurozone.
The plaintiffs claim that the decision for aid to Greece and the euro's protection shields violate article 125 of the Lisbon treaty with the clause prohibiting the assumption of the debt of another EU member-state (No Bail out).
They also claim that with the 147 billion of Germany's guarantees for the mechanism, and another 24 billion of guarantees for the aid to Greece German Parliament's fundamental right is curbed to decide on the country's budget.
Schäuble opposed this argumentation and stressed that since the beginning of 2010 the resilience and cohesion of the eurozone and the European Union are put to the test in general. "Due to the challenges of globalisation there is no better economic and political alternative solution than European unification. Every European country by itself, even the Federal Republic of Germany, is very small to respond to our interests and to our responsibility in the globalised world," Schäuble said.

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