ESM to start operating in July, Junger says
15.05.2012,
15:09
European Stability Mechanism (ESM) will start operating in the middle of this year, Eurogroup President Jean-Claude Junker said at the press conference on Monday.
YEREVAN, May 15. /ARKA/. European Stability Mechanism (ESM) will start operating in the middle of this year, Eurogroup President Jean-Claude Junker said at the press conference on Monday.
This mechanism should be put into operation in July if the euro zone’s member states, that share 90% of IMF capital, ratify the agreement, RIA Novosti reports.
Junker said that the ratification process doesn’t face any obstacles and will be finished in July, as expected.
On March 30, the Eurogroup ( Euro zone’s Finance Ministers Council) decided the funds to reach as high as €700 billion, instead of the initial €500 billion ( or plus already allocated funds to Greece in the first rescue package, and EFSF – as high as 800 billion euros).
Thus, free to lend new funds may rise to 500 billion euros from the current 300 billion euros, according to the statement released by the Eurogroup. The euro zone’s states are expected to be fund donors. -0-
