German court warns there are 'important reasons to assume' ECB bond-buying is illegal

``Eight judges representing the senate of the Bundesverfassungsgericht, Germany's highest court have announced that it will make a final ruling on the ECB's Outright Monetary Transactions (OMT) programme only after referring their questions for "interpretation" in the EU courts... The move is a blow to the euro's credibility because the ECB's September 2012 announcement that it was prepared to make the potentially unlimited sovereign bond purchases to defend the European Union's single currency is credited with saving the eurozone.''