Photo Gallery: ESM on the Eve of Activation

Foto: dapd

Opening the Umbrella ESM Permanent Bailout Fund Prepares for Prime Time

The court battle against the permanent euro bailout fund, the ESM, has become the largest in German legal history. Yet despite widespread concerns, fund head Klaus Regling is preparing for action. The most important question surrounding the fund, however, remains to be answered: Will it work?
Translated from the German by Paul Cohen