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THE NEWS WRAP: German high court approves $600 billion eurozone rescue fund

Thursday, 13 September 2012 | By Oliver Milman

Global financial markets have reacted with relief after Germany’s top court backed a $600 billion eurozone rescue fund that is aimed at staving off the region’s debt crisis.

 

A petition of 37,000 people asked the court to block the fund and make it the subject of a referendum, but the ruling allows it to go ahead.

 

Germany chancellor Angela Merkel said: “This is a good day for Germany, this is a good day for Europe."

 

Rudd backs Gillard to win election

 

Kevin Rudd has said that he backed Prime Minister Julia Gillard to win the next election, in his first interview since he attempted to depose her.

 

Former PM Rudd, who failed to regain the top job in referendum in February, added that a Tony Abbott administration would be harmful to Australia, promising to put his “shoulder to the wheel” to help prevent this outcome.

 

Rinehart invites children to take the money

 

The court battle between Gina Rinehart and three of her children has taken another twist, with the mining magnate publicly offering them a share of the family trust.

 

However, Rinehart warned that her children would face ''financial ruin'' if the trust vested now, hence her decision to extend it until 2068. Her offspring dispute this and are attempting to remove Rinehart as a trustee of the multibillion dollar trust.

 

Overnight

 

The Dow Jones Industrial Average closed up 9.99 points, or 0.07%, to 13,333.35. The Australian dollar was down to US104.67 cents.