Germany's Federal Constitutional Court said Monday it will decide on an injunction blocking a €500 billion ($610 billion) European Stability Mechanism, the proposed permanent euro rescue fund, on Sept. 12.

This puts the ESM in limbo for nearly two months, but is less than the anticipated three month suspension, according to a report in Der Spiegel on Monday.

The ESM was supposed to go into effect July 1, but plaintiffs in Germany, including politicians and scholars, are attempting to block the fund arguing that it give up too much sovereignty to euro-zone authorities.

The ESM needs to be ratified by euro-zone countries contributing at least 90 percent of the fund's capital requirment. Germany's role in this process is vital since it is contributing 27 percent of the total.

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