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To the elation of investors, the 500 billion-euro ($638.8 billion) taxpayer-backed European Stability Mechanism was passed through Germany’s highest court on Wednesday. This brings Germany’s stake in the 700 billion euro overall European bailout effort to 27 percent.
Markets in Europe and the United States rallied behind the news. The euro hit a four-month high of $1.29, Britain’s FTSE gained .4 percent, Germany’s DAX climbed 1.1 percent, and France’s CAC-40 rose 0.9 percent.
In the U.S., the S&P is up 0.19 percent, the Nasdaq is up 0.10 percent, and the Dow is up 0.16 percent.
The bailout fund is meant to stabilize the 17 countries in the Eurozone. Volatility in Italy, Spain, and Greece have been causing international concern.
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