The German Supreme Court Is Going To Make A Decision That Will Make The Obamacare Drama Look Like Child's Play

"A hearing at Germany's version of the Supreme Court, to be held on July 10, could destroy all the optimism from the last EU summit.
In the wake of the European summit last Friday, the German legislature finally approved the European Stability Mechanism—a permanent European bailout fund.
Plans from the summit to use this bailout fund to directly recapitalize banks cheered markets, and convinced some that EU leaders were finally—albeit slowly—taking necessary measures to address the crisis.
However, the Constitutional Court (in German, the Bundesverfassungsgericht) could now issue an injunction against the ESM if it finds that the mechanism impinges upon the sovereignty of the German state.
Der Spiegel explains the issue:

The plaintiffs, who oppose Germany transferring more power to European institutions, are trying to obtain a temporary injunction against the two laws to stop them entering into force until the court has addressed the main complaints against the measures at a later date and ruled whether the laws in question are constitutional. It is highly unusual for the court to hold a hearing on requests for a temporary injunction. The fact that it is doing so is regarded as a sign of the importance of the issue.

German President Joachim Gauck has already permitted the Court to investigate the matter, which led to a delay for the program by at least three weeks. Further delays could be longer, or could even complete overrule the legislation despite approval by the German legislature..."

at http://www.businessinsider.com/german-constitutional-court-esm-2012-7#ixzz1zUlpyena