Only lawyers could deliver such a result: the ESM is legal up to €190bn, and then it isn’t. The Karlsruhe Court has come up with a sort of three months abortion pill: yes, we’re going to get pregnant, but we’re still thinking about whether we want to start a family or not.
One can picture the scene a year from now: “Ach jah, Frankreich, you get the bailout, and it comes to €3.74. Wolfie says you can have it in three tranches, but every Frenchman caught working sur le noir must be slain”. Continue reading