More of the same

The German Constitutional Court, or Bundesverfassungsgericht, has, as expected, approved the Greek bailouts, rejecting a claim that they breached the Consitution.

This is good news in that a rejection would have thrown the markets into turmoil, but bad news in that it gives the green light to more of the same expensive and ineffective policies to prop up a currency which is entirely a political construct.

The Court has said, however, that future bailouts must be referred to Parliament, where Mrs Merkel is finding it difficult to maintain her majority.