Constitutional complaints: German rejection of rescue packages unlikely

Since May 2010, various constitutional complaints have been filed in Germany objecting to the country’s participation in the European rescue packages for Greece and the euro area. The further proceeding of the complaints has not yet been announced by the Court and has been subject to some speculation. The relevance of an eventual ruling should not be underestimated: should the Constitutional Court deem Germany’s participation in any of the rescue schemes unconstitutional or void, the exit of the economically strongest country with the best credit ranking and carrying more than 27% of the burden would mean the inevitable collapse of the rescue schemes.