ESM


ESM
The ESM (European Stability Mechanism) is the euro-zone’s financial assistance facility. It will be operational as from July 2012 with a capacity of 500 billion Euro, which will be available to countries in financial difficulty. However, some call for the endowment to rise to 1 trillion Euro. It will have the status of preferred creditor: should the loans not be repaid, it will be the private creditors who will bear losses. Its support will depend on the adoption of a fiscal adjustment programme. The ESM will replace the EFSF, the European Financial Stability Facility created by euro-zone countries.
Gruppo Banca IFIS
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