TNBiz (TNBiz)
Markets  |  June 20, 2011 15:15:13

Euro zone agreed on the details of a permanent rescue fund ESM


Mediafax

LUXEMBOURG (MEDIAFAX) - Finance ministers of the euro area (Eurogroup) on Monday agreed to form the contract, which establishes a permanent European rescue fund eurozone stabilization mechanism (ESM), the President of the Eurogroup Jean-Claude Juncker. He will have preferential status, reported on Monday Reuters and AFP.

Each minister should in the next few days to sign the said agreement, that could very quickly lead to ratification at the national level.

"Today's agreement underscores commitment to the euro area, to do whatever is necessary to ensure the stability of the euro area," Juncker said. In his words, to fund non-members can join the euro zone, on an ad hoc basis.

Permanent Fund will have an agreement by the former capacity of 500 billion (12 trillion CZK). Its main goal is to help countries in trouble and to stabilize the euro area. ESM in office will replace the current European Financial Stability Fund mechanism (EFSF), which terminates its activities in mid-2013.

The mechanism should include the participation of private bondholders, ie banks, pension funds and other investment institutions that bear the losses in the event of bankruptcy or restructuring of debts of the country.

Simone Radacicova, radacicova@mediafax.cz

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Eurozóna se dohodla na detailech stálého záchranného fondu ESM

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