allows the Commission to borrow in financial markets on behalf of the Union under an implicit EU budget guarantee.
is a great tool for food service records keepers," said Lake Erie records keeper CS3 Keith Fitch.
The proposal, seen by Reuters, says the bridge loan would have a maximum maturity of 3 months and would be repaid to the EFSM
from money that Greece is to get from the euro zone bailout fund, the European Stability Mechanism (ESM) on the conclusion of negotiations on the next, 86 billion euro three-year bailout.
Without the extension, Lisbon would be facing important spikes in EFSF and EFSM
redemptions in 2016 and 2021.
Approval of non-euro zone countries for the extension of the loan maturity for Portugal and Ireland is needed because both countries received loans from the European Financial Stability Mechanism (EFSM
), a 60 billion-euro fund which raised money on the market against the security of the budget of the whole EU.
To deploy any of the 13.2 billion euros remaining in the EFSM
, all 28 EU governments would have to give their consent, because the fund is backed by the whole EU budget.
The extension of loans granted to Ireland and Portugal by the EFSM
(European Financial Stabilisation Mechanism), also under discussion, is a matter for the 27, and thus the Ecofin Council, which meets informally on 12-13 April (and can thus take no decisions).an
Tanaiste Eamon Gilmore also welcomed the lifeline saying: "This was something that is important in terms of reducing the cost of borrowing for Ireland from the EFSF [European Financial Stability Facility] and the EFSM
Another alternative described in the paper was using 12 billion euros left over from the European Financial Stability Mechanism (EFSM
) - after bailing out Greece, Ireland and Portugal - as leverage to raise up to 200 billion euros from the private sector.
"We did not participate directly in the May 2010 package of support for Greece and there has been no formal suggestion either of UK bilateral loans or for use of the EFSM
(European financial stability mechanism) which is backed by the EU budget," said Mr Hoban.
BRUSSELS, July 17 (KUNA) -- The EU Council of Ministers Friday adopted a decision granting up to 7.16 billion euro in short term financial assistance to Greece under the European Financial Stabilisation Mechanism (EFSM
), which is the emergency EU fund.