Mediafax (Mediafax)
Markets  |  July 18, 2012 11:10:11

Italian Finance Minister is not worried Grilli delay operation ESM


ROME (MEDIAFAX) - Italian Finance Minister Vittorio Grilli on Wednesday downplayed fears that Europe's permanent rescue fund, called the European Stability Mechanism (ESM) will not work immediately due to delays in approval by Member States. Informed the agency said.

Implementation of the European stabilization mechanism was delayed complex approval process in various countries, including Germany, where local constitutional court will decide on it in September.

"I do not think there's any reason to panic because of a delay for discussion or superior courts," said Grilli parliamentary committee.

"The fact that ESM will not be in operation from July this year, should not cause concern because there EFSF (temporary eurozone bailout fund - the European Financial Stability Fund - ed. Editors)," said Italian Minister of Finance.

The stabilization mechanism will become effective at the moment when it was ratified by member states representing 90 percent of a binding capital.

Tomáš Králíček, kralicek@mediafax.cz

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Italský ministr financí Grilli se neobává zpoždění fungování ESM

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