Taoiseach welcomes German court's ESM approval

on 12/09/2012 11:13:30

Taoiseach Enda Kenny has today welcomed the German constitutional court's decision to approve the €700bn ESM bailout fund.

The decision means financial support can be given to Eurozone countries in distress like Ireland and Greece.

The court said any financial cost for Germany arising from the ESM must be strictly limited to its share of the fund's capital or €190bn, however.

If the costs were to be increased beyond that, it could only be done with the approval of the German parliament.

Speaking in Dublin this morning, the Taoiseach said: "It's good news in the sense that it moves [the eurozone] away from a potential crisis which would have arisen, had that not been so."