A Handelsblatt story is making the rounds, after they acquired a confidential paper from Germany’s central bank. In it, the Bundesbank argues that the OMT bond-buying program should be rejected by the German Constitutional Court.

The Bundesbank argues the purchases should be outlawed because of credit risks that could undermine central banks. The euro is a tad softer on this but it would be much softer if the Constitutional Court decides the OMT is illegal. A decision is weeks, or months away.