unced budget measures worth €65B over 2.5 years this morning (VAT will rise to 21% vs 18%). Germany's Constitutional Court ended its hearing on the ESM & fiscal pact yesterday and did not give a date for a ruling but finance minister Schauble says he hopes it will come before the fall. European markets opene

mit on Greece for May 16 (the day before the deadline for forming a coalition or calling fresh elections). Germany will delay a planned vote on the ESM & fiscal pact until at least mid- June (Reuters). Meanwhile, the Spanish government will demand that its country's banks raise their provisions by - e35 bill