European Stability Mechanism

(Newser) - The Euro zone officially launched its 500 billion euro bailout fund today, but finance ministers said that its first intended beneficiary, Spain, didn't need help just now after all. "Spain needs no aid program," German Finance Minister Wolfgang Schaeuble told reporters. "Spain is doing everything necessary,...

(Newser) - Germany's high court has rejected calls to block the European Union's permanent rescue fund. The much-anticipated ruling, which boosted global markets, paves the way for the fund's ratification by Germany's president. Germany's ratification of the European Stability Mechanism, a bailout fund created to prevent the...