European Financial Stability Facility: Difference between revisions
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imported>Doug Williamson (Spaced out more to make more readable) |
imported>Doug Williamson (Updated information regarding closure of final scheme in 2015 and continuation of work. Source:http://www.efsf.europa.eu/about/index.htm) |
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The European Financial Stability Facility (EFSF) was established in 2010 as a temporary rescue mechanism. | The European Financial Stability Facility (EFSF) was established in 2010 as a temporary rescue mechanism. | ||
The EFSF’s mandate | The EFSF’s mandate was to safeguard financial stability in Europe by providing financial assistance to Euro zone Member States. | ||
The | The Facility was replaced by the European Stability Mechanism (ESM) in 2012 which finances new programmes. | ||
Its final assistance programme for Greece expired in 2015. | |||
However, it continues to administer outstanding loan repayments and payouts to bond holders in close co-operation with the ESM. | |||
Revision as of 10:23, 20 January 2016
The European Financial Stability Facility (EFSF) was established in 2010 as a temporary rescue mechanism.
The EFSF’s mandate was to safeguard financial stability in Europe by providing financial assistance to Euro zone Member States.
The Facility was replaced by the European Stability Mechanism (ESM) in 2012 which finances new programmes.
Its final assistance programme for Greece expired in 2015.
However, it continues to administer outstanding loan repayments and payouts to bond holders in close co-operation with the ESM.