The Federal Constitutional Court of Germany on Tuesday upheld the constitutionality of the European Stability Mechanism (ESM). This affirms the court's 2012 decision, which rejected a preliminary injunction to halt the implementation of the ESM and the fiscal compact, but which imposed a cap on ...[read more]
Michigan Governor Rick Snyder unveiled a new state budget on Wednesday that would allocate state funds to be used to cover Detroit workers' pensions, currently the subject of controversy in the city's bankruptcy proceeding. The plan sets aside $17.5 million annually for 20 years from funds the ...[read more]
02/05/2014: Michigan governor included Detroit's pension bailout in budget.
01/16/2014: Detroit 165 million dollar bankruptcy settlement rejected.
12/18/2013: Federal judge ruled Detroit bankruptcy deal too generous towards banks.
12/03/2013: Federal court ruled Detroit eligible for ...[read more]
The Council of State, Greece's top administrative court, on Monday ruled that the country's wage cuts for police, military and firefighters as part of its austerity measures are unconstitutional. The Greek government was required to make certain cuts as a condition of its international bailout ...[read more]
The conditions of Greece's bailout plan, put in place by its international lenders, have severely undercut the ability of Greek citizens to obtain a standard of living in line with international human rights standards, according to a report released Thursday by UN Independent Expert on foreign ...[read more]
The European Court of Justice (ECJ) ruled Tuesday that the euro zone's permanent bailout fund, the European Stability Mechanism (ESM), is in line with European law, following a referral from the Ireland Supreme Court. The referral arose from a claim made by a member of Irish Parliament that the ...[read more]
The Supreme Court of Estonia ruled Thursday that the treaty to establish the euro area's permanent rescue fund does not offend the Estonian constitution. The court, sitting en banc, held that a restriction on the financial authority on the Riigikogu, Estonia's parliament, imposed by the Treaty ...[read more]
The Greek Parliament approved austerity measures late Sunday, securing a second bailout for the country to avoid bankruptcy amidst rioting and violence in downtown Athens. A total of 199 lawmakers voted for the measures with 74 members of parliament voting against the package. Protesters clashed ...[read more]
On December 1, 2004, the EU Commission announced its decision to take Greece to the European Court of Justice (ECJ) over accusations that the country disguised its violations of EU budget restrictions on reported deficits between 1997 and 2003. An EU report alleged that Greece under-reported its ...[read more]
Spain's major political parties, the Socialist Workers' Party (PSOE) and the Popular Party (PP), reached an agreement on Friday to modify the country's constitution with provisions that will regulate the limits of the national deficit in order to avoid risks of debt crisis and a bailout. The ...[read more]