UPDATE 1-German academic mulls appeal vs euro rescue package

* Eurosceptic already complained about Greek aid

* Sees new euro aid package undermining parliament

(Adds quotes, details)

BERLIN, May 10 (BestGrowthStock) – A German academic who has already
challenged an aid package for Greece in the country’s top court
said on Monday he might file a similar lawsuit against the 750
billion euro global emergency package to stabilise the euro.

Eurosceptic economist Joachim Starbatty, who along with four
others has tried to get the constitutional court to stop aid to
Greece, told Reuters the package agreed in Brussels on Sunday
once again limited German parliament’s scope to act.

“This decision on Sunday evening underlines our fears that
parliamentary rights are being undermined,” said Starbatty.

The previous complaint lodged with the Federal
Constitutional Court in Karlsruhe argued aid for Greece was not
provided for in European Union treaties and could increase
inflation pressures.

It is unclear how long the court will take to decide on the
complaint. Some of the academics lost a challenge to the
introduction of the euro currency and experts doubt they will
have more success on the issue of aid for Greece.

Parliament last Friday authorised German’s contribution to
the Greek package despite widespread public opposition, which
may have contributed to a poor result for Chancellor Angela
Merkel in Sunday’s state election in North Rhine-Westphalia.

Germany could now have to contribute up to 22.4 billion
euros ($30 billion) to the 110 billion euro plan agreed by the
International Monetary Fund (IMF) and euro zone members for
Greece.

But that pales beside the new package of support for the
euro which consists of 440 billion euros in guarantees from euro
states, 60 billion euros in a European instrument and an
expected 250 billion euros from the IMF.

Merkel’s cabinet meets on Tuesday to approve Germany’s
contribution to the new package aimed at preventing a sovereign
debt crisis spreading through the euro zone, which she said
showed the EU had the will to defend its common currency.
Penny Stocks

(Reporting by Andreas Rinke; writing by Stephen Brown; Editing
by Matthew Jones)

UPDATE 1-German academic mulls appeal vs euro rescue package