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Summary The taxpayer-backed fund is crucial to fighting Europe's debt crisis.
Financial markets are waiting anxiously for a decision from a German court on Europes new, permanent rescue fund for countries struggling with too much debt.The Federal Constitutional Court is meeting Wednesday in Karlsruhe to rule on whether it will allow Germany to join the European Stability Mechanisma new, permanent €500 billion ($638.8 billion) bailout fund for the 17 countries that use the euro.The taxpayer-backed fund is crucial to fighting Europes debt crisis because it can loan money to troubled governments that cant borrow otherwise. The fund cannot work without Germanys participation.The ESM treaty was approved by a two-thirds majority in the German parliament. But opponents challenged it in court. They say joining the fund gives away the German parliaments power to say how taxpayer money is spent.
