The Supreme Court is to rule on whether to grant an order stopping the Government from ratifying the ESM treaty, which provides for a permanent bail out mechanism.
The challenge has been brought by Independent Donegal South West TD Thomas Pringle, who disputes the urgency of ratification.
His lawyers argued that Germany won't sign off on the Treaty, until at least September 12th, due to a legal action there.
The court has referred points of law to the European Court of Justice to determine whether the ESM Treaty is lawful.
In the meantime the TD believes the status quo should be maintained.