Log in
Please enter your login details

Skip to main content

Breaking News
  • Swiss police have confirmed that they have received a bomb threat at the ongoing FIFA congress in Zurich
  • Germany’s Angela Merkel says transparency, cleaning up any dirty business is urgently needed at FIFA
  • Mexican President Enrique Pena Nieto misrepresented the circumstances under which he acquired one of his properties, documents show (Reuters)
  • Britain’s Serious Fraud Office says it is examining information relating to possible corruption at FIFA (Reuters)
  • A car has exploded in Saudi Arabia’s Dammam, near a shi’ite mosque, killing two people. Islamic State has claimed responsibility (Reuters)
Facebook Twitter Google+ Reddit

The Eurozone’s 500 billion euro rescue fund gets up-and-running today when finance ministers meet in Luxembourg.

The formal launch and inaugural board meeting of the European Stability Mechanism come amid growing uncertainty over Greece’s debt bailout and concerns that Spain will need help in turn.

It will become operational when participating countries have paid in their contributions. It will be able to lend 200 billion euros out of a potential 500 billion by the end of October.

The recapitalisation of banks could become more straightforward under the ESM, which should avoid any direct state liability.

Spain will be particularly interested in this, as it recapitalised its own banks to the tune of 100 billion euros last June. But Germany, the Netherlands and Finland say the mechanism must be fully operational before any funds are disbursed.

More about: