FXstreet.com (Barcelona) - On Tuesday the German Constitutional Court rejected a CSU lawmaker's petition, submitted Monday, to delay the ruling on the European rescue fund ESM. Moreover, Bloomberg reported that the German Finance Minister Wolfgang Schäuble believes Spain will not need to ask for a full EU bailout.

CSU member Peter Gauweiler suggested on Monday that the launching of the OTM program by the ECB last week established a new rescue fund which cannot be controlled by national governments and in this situation the Constitutional Court should approach the issue afresh. The Court rejected his petition however, confirming that the vote will be held on Wednesday at 10:00 GMT.

Meanwhile, Bloomberg informed that various German officials from the ruling party have been assuring that Finance Minister Wolfgang Schäuble does not consider necessary a full rescue for Spain. According to the sources, Schäuble praised Spanish President Mariano Rajoy's reforms and expressed his confidence that their implementation will permit the country to avoid asking for a complete bailout.