Last weekend European finance ministers agreed to establish a new bailout fund able to lend €500 billion to troubled euro-zone countries to tackle the sovereign-debt crisis. The new fund is called the European Stability Mechanism (ESM) and will start operating in 2013 to replace the ESFS, the current, temporary fund. One of the key differences between the two is that the new fund requires the 17 Eurozone countries to put up €80 billion in cash. It also requires countries to commit to providing an additional €620 billion in capital, if needed, to secure a top credit rating.
http://on.wsj.com/e9zQ8a
Again.... This bailout mechanism doesn't become available until mid-2013
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