EU High Court Upholds €500B Eurozone Bailout Fund

Law360, New York (November 27, 2012, 2:41 PM EST) -- The European Union's top court on Tuesday rejected a challenge to the bloc's new €500 billion ($647.35 billion) permanent bailout fund, just as European finance ministers reached an agreement to extend about $56.7 billion in aid to Greece that had been blocked.

The European Court of Justice ruled that EU law did not prevent the European Union from setting up the European Stability Mechanism to support eurozone governments encountering massive debt problems and to prevent the currency's collapse. EU law is intended to provide a framework...
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