Merkel welcomes High Court’s decision on Greece bailout

German Chancellor Angela Merkel said the high court’s decision vindicated her government and said that the existence of the euro meant more than just a common currency. “The euro is the guarantor of a unified Europe,” she told lawmakers here. “If the euro collapses, Europe collapses,” she added. Germany’s high court on Wednesday upheld the country’s participation in the first bailout package extended to the embattled Greece last. It rejected lawsuits aimed at blocking Germany’s participation in rescue measures for troubled members in Eurozone, saying that the bailout participation did not violate the budgetary autonomy of the German parliament Bundestag. Greece became the first recipient of an IMF-European Union bailout last year. The country received a rescue package of EUR 110 billion in May 2010. The challenge to Germany’s share in the EUR 750 billion European Financial Stability Facility (EFSF) was also rejected by the court. Plaintiffs in the lawsuits included academics, economists and a lawmaker among others.