Germany launches euro pact ratification

The Wall Street Journal reports European Economics Commissioner Olli Rehn expressed concern Monday that Germany, Austria, Belgium, Estonia, Slovakia, and the Netherlands were dragging their feet in ratifying the ESM. In the meantime, the Journal reportsSpain May Tap EFSF. The article states "Power broker Germany has yet to complete the process but is expected to do so soon." That is a distinct downplay of what is really happening.

The BBC reports New election blow for Germany's Merkel Chancellor Angela Merkel's conservatives have suffered heavy losses in an election in Germany's most populous state, exit polls suggest. Support for the Christian Democrats dropped from 35% to 26% in North Rhine-Westphalia, with the Social Democrats set to return to power with the Greens. It is the Christian Democrats' worst result in the state.

On Saturday, Spain's prime minister Mariano Rajoy Asked For a Eurozone Fiscal Authority, in effect the "Fiscal Nannyzone" that I have spoke of on numerous occasions.

George Soros, the billionaire speculator best known as “the man who broke the Bank of England” in 1992, has launched a stinging critique of Germany’s role in the euro crisis and suggested the single currency’s prospects would be improved if its most dominant member were to quit, reports The Guardian.

Reader "Bert" from Germany writes ... Hello Mish The German Supreme Court asked the president to delay signing the ESM. This is unprecedented. The court needs more time to study the proposal, they say. So no ESM yet! I was waiting and hoping for this kind of action. Kind regards and please keep going on with your very interesting mail service, I never skip a day. Bert Another Setback for Merkel