Bloomberg News

EU Court Rejects European Central Bank Bond-Purchase Complaint

January 04, 2012

Jan. 4 (Bloomberg) -- A European Union court rejected a legal complaint asking it to cancel European Central Bank decisions to buy euro area government debt and to accept Greek, Irish and Portuguese debt from banks as collateral.

The EU General Court, the region’s second-highest tribunal, said on its website that the complaint filed by Stefan Staedter in Berlin was “manifestly inadmissible” because it was filed more than two months after the start of the ECB’s bond-buying program and decisions to accept collateral.

Staedter, a lawyer working for German-based campaign group Europolis, didn’t immediately respond to a call and an e-mail seeking comment.

Europolis is headed by academic Markus C. Kerber who last year asked Germany’s constitutional court to block the country’s participation in the EU bailout of Portugal.

--Editors: Peter Chapman, Jones Hayden

To contact the reporter on this story: Aoife White in Brussels at awhite62@bloomberg.net.

To contact the editor responsible for this story: Anthony Aarons at aaarons@bloomberg.net.


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