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Germany’s Constitutional Court held a public hearing on June 11 to probe whether an element of the European Central Bank (ECB) debt purchase programme – a key part of Portugal’s economy in the post-troika period – violates the German constitution.
If the Court rules that Outright Monetary Transactions (OMT) are unconstitutional, Portugal will lose access to a financial stream that is underwriting its return to the markets and avoiding a second bailout, writes the economic daily.
The OMT programme provides the ECB with the ability to backstop government bonds, in exchange for oversight and structural reforms.
A conversation with investigative reporters Stefano Valentino and Giorgio Michalopoulos, who have dissected the dark underbelly of green finance for Voxeurop and won several awards for their work.
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