Tuesday, February 23, 2010

Economist Plans Legal Action in Event of EU Aid to Greece

A German economics professor and euro critic plans to take legal action if Germany and other European Union countries grant financial aid to debt-stricken Greece, he said in a newspaper interview published on Tuesday, according to Reuters.

Wilhelm Hankel, who unsuccessfully sought to prevent the introduction of the euro by going to Germany's constitutional court with three colleagues in 1998, said they were ready to do the same again.

"The four of us have decided on that," Hankel, 81, told the Handelsblatt business daily, adding that they would perhaps even go to the European Court of Justice.

"The legal ban on financial support for Greece is clear," he said. "There is no doubt about the bail-out ban and the European Central Bank can't be made into a kind of bad bank either."

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