| 单词 | ESM |
| 例句 | Aside from the budget and the tensions over the ESM, Italy is also struggling to meet policy targets agreed with Brussels to unlock billions of euros of post-pandemic recovery funds. Italy in markets' crosshairs as Meloni readies difficult budget 2023-09-26T04:00:00Z The ESM remains operational regardless of Italy's green light, but it cannot support the Single Resolution Fund, responsible for dealing with ailing banks, without Rome signing up to the pact. Italy's coalition postpones debate over European bailout fund for 4 months 2023-06-30T04:00:00Z “This is not the time to ratify the ESM.” Analysis-Deep distrust of EU leaves Italy's Meloni in a corner over bailout fund 2023-06-29T04:00:00Z Without going into detail, she said she envisaged the ESM as "something different, something vaguely usable, with different and less conditionality ... and objectives that are more focused on our priorities." Italy's Meloni takes issue with ECB, euro zone's bailout fund 2022-12-29T05:00:00Z He saw the ECB linking the new scheme to a country sticking to reform plans rather than having the stigma of getting the ESM -created as a bailout fund a decade ago - involved. Analysis: ECB bond aid plan's fault lines exposed by Italy's political crisis 2022-07-15T04:00:00Z The ESM is a European lender of last resort to governments, created at the height of the sovereign debt crisis in 2012, which issues bonds guaranteed by all 19 countries in the euro zone. Euro zone finance ministers fail to choose new head of bailout fund 2022-06-16T04:00:00Z During that crisis, the ESM and its predecessor raised emergency funds by selling bonds jointly backed by euro governments to international investors. Euro rescue fund to get new chief as its old glory fades 2022-06-16T04:00:00Z Although the ESM is already operational, it cannot support the Single Resolution Fund responsible for dealing with ailing banks without Rome signing up to the pact, and frustrations are growing over its failure to act. Analysis-Deep distrust of EU leaves Italy's Meloni in a corner over bailout fund 2023-06-29T04:00:00Z The ESM has three different kinds of engine, to propel the crew module to its destination and manoeuvre it in multiple directions. Nasa's Orion spacecraft: A guide 2021-11-10T05:00:00Z Deciding on joint action such as resorting to the ESM, however, is highly political. Analysis: Europe braces for pandemic reality to hit banks 2021-02-17T05:00:00Z During the pandemic, the ESM also offered to lend to euro zone governments for healthcare, cure and prevention related costs, but no country used that option. Euro zone finance ministers fail to choose new head of bailout fund 2022-06-16T04:00:00Z Unlike the ESM, the commission offers grants as well as loans, provides the funds to all EU countries and attaches none of the budget austerity requirements that characterized the euro-area rescues. Euro rescue fund to get new chief as its old glory fades 2022-06-16T04:00:00Z Despite irritation in Brussels over the dithering in Rome, EU officials have told Reuters that any attempt by Meloni to link ESM approval to much more significant budget reform will not pay off. Analysis-Deep distrust of EU leaves Italy's Meloni in a corner over bailout fund 2023-06-29T04:00:00Z Assuming the government wins it, Conte will sign off on the revamped ESM at the summit. Italy lower house gives PM Conte green light to back ESM reform 2020-12-09T05:00:00Z With the economy reeling from the coronavirus pandemic, the ESM is not the only problem facing the coalition parties, which often quarrel over issues ranging from justice to reform of public tender rules. Down but not out: Berlusconi could hold key to Italian government's future 2020-07-09T04:00:00Z An ESM for this flight is already under contract and in assembly. European contract signed for Moon mission hardware 2020-05-26T04:00:00Z He said the ESM is for “crisis management — ad hoc” while the other program focuses on longer-term investment goals. Euro rescue fund to get new chief as its old glory fades 2022-06-16T04:00:00Z “It is the typical Italian circus,” a leading politician in Meloni’s party told Reuters about the ESM issue, asking not to be named. Analysis-Deep distrust of EU leaves Italy's Meloni in a corner over bailout fund 2023-06-29T04:00:00Z Proponents of the reform stress that it would allow the ESM to act as a financial backstop for another EU kitty, The Single Resolution Fund, set up to help failing banks. Italy lower house gives PM Conte green light to back ESM reform 2020-12-09T05:00:00Z "The ESM is not a gift, it's money lent, to be repaid at precise conditions chosen in Brussels and not in Italy," said its leader Matteo Salvini. Are Italians losing faith in the EU? 2020-05-16T04:00:00Z Cylindrical in shape, the ESM is about 4m wide and tall, and weighs just over 13 tonnes. European contract signed for Moon mission hardware 2020-05-26T04:00:00Z Regling signaled the value of the ESM lies in it being not only deployed but simply available. Euro rescue fund to get new chief as its old glory fades 2022-06-16T04:00:00Z “The government is pussyfooting around the ESM, which is a very, very small piece in a much larger problem that has to do with overall European economic governance,” he said. Analysis-Deep distrust of EU leaves Italy's Meloni in a corner over bailout fund 2023-06-29T04:00:00Z However, coalition negotiations produced a resolution which most 5-Star deputies agreed to, authorising Conte to approve the ESM changes while pursuing other reforms of EU financial management aimed at overturning austerity. Italy lower house gives PM Conte green light to back ESM reform 2020-12-09T05:00:00Z “While unconditional use of the ESM was unthinkable just a few months ago, more unthinkable steps would need to happen for individual country risk to disappear,” the ING note said. Congratulations, it's a fudge: EU crisis deal leaves much unresolved 2020-04-10T04:00:00Z The ESM's role will be to get Orion to the vicinity of the Moon and bring it safely back to Earth. European contract signed for Moon mission hardware 2020-05-26T04:00:00Z But the ESM became politically stigmatized because of its link with financially troubled nations and with belt-tightening that was a condition for the bailouts. Euro rescue fund to get new chief as its old glory fades 2022-06-16T04:00:00Z One option on the table is a precautionary credit line from the euro zone’s ESM bailout fund. We need to act, ECB's Lagarde tells feuding EU on coronavirus rescue: sources 2020-03-27T04:00:00Z After its expiration, the plant will be handed over to ESM. North Macedonia wins EU praise for pioneering coal-to-solar shift 2020-02-19T05:00:00Z “If I were to lead talks on ESM, I’d try to get something in exchange,” he said. Italy could use ESM talks to push Italian candidate to head fund: Panetta 2019-11-23T05:00:00Z The firm has led the construction of the ESM over the past four years under contract to the European Space Agency. Europe delivers Orion's 'powerhouse' 2018-11-02T04:00:00Z “The ESM was never popular and even today is not popular in some countries,” Regling, 71, told a conference organized by the Bruegel think tank in Brussels this month. Euro rescue fund to get new chief as its old glory fades 2022-06-16T04:00:00Z The ESM is a fund set up by the countries that use the euro currency to deal with a financial crisis. Greece emerges from bailout programme 2018-08-19T04:00:00Z There is also agreement that the ESM be allowed to provide shorter-term loans to countries facing liquidity strains, but again subject to conditions and national vetoes so unlikely ever to be requested. Emmanuel Macron’s Empty Victory 2018-06-20T04:00:00Z The ESM said the initial 5.7 billion euros are to be disbursed Wednesday. Europe’s bailout fund approves 6.7 billion euros for Greece 2018-03-27T04:00:00Z Fully loaded, an ESM will weigh 13 tonnes. Europe delivers Orion's 'powerhouse' 2018-11-02T04:00:00Z It is a sign of both the turbulent economic times and the European Union’s institutional evolution that the ESM, established in 2012, faces questions about its relevance after helping safeguard the euro. Euro rescue fund to get new chief as its old glory fades 2022-06-16T04:00:00Z The ESM and the European Financial Stability Facility are Greece’s largest creditors, together holding more than half of its 332 billion euro public debt, a sum equal to nearly 180 percent of economic output. Post-bailout credit line for Greece probably not needed: rescue... 2018-03-10T05:00:00Z “The Eurogroup will now turn its attention to the final stages of the ESM program, which is expected to end in August 2018,” the ministers said in a statement. Greece Moves Closer to Ending its Bailout Regime 2018-01-22T05:00:00Z Macron is in favor of transforming Europe's bailout fund, the ESM, into a full-blown European Monetary Fund, an idea that has supporters in Berlin. Europe's populist wave stalls as Macron storms into French runoff 2017-04-23T04:00:00Z The debt-relief deal between Greece and the ESM was agreed on 5 December and would reduce the interest burden on the country's debts. Eurozone suspends Greek debt-relief plan - BBC News 2016-12-14T05:00:00Z While the measures outlined in the paper would cumulatively cut 21.8 percentage points of the debt-to-GDP ratio in 2060, the ESM paper warns that the eventual impact would largely depend on market conditions. Eurozone Bailout Fund Proposes Short-Term Debt Relief for Greece 2016-11-30T05:00:00Z The ESM and the European Financial Stability Facility are Greece’s largest creditors, together holding more than half of its 332 billion euro public debt, a sum equal to nearly 180 percent of economic output. Post-bailout credit line for Greece probably not needed: rescue... 2018-03-10T05:00:00Z There is little doubt what the first condition of any ESM program would be: a full cleanup of the banking system. European Policy Makers Brace for Italian Stress 2016-11-30T05:00:00Z This is a “war camp” organized by the ultra-nationalist Eurasian Youth Union, known as ESM, the youth wing of the broader Eurasian movement. Ultra-nationalist 'war camps' train Russian youths 2016-10-18T04:00:00Z Institutions are currently assessing the impact of Greek government decisions vis-a-vis the ESM programme commitments and targets. Eurozone suspends Greek debt-relief plan - BBC News 2016-12-14T05:00:00Z The institutions assessing the reforms are the European Commission, the European Central Bank, the euro zone bailout fund ESM and the International Monetary Fund. Greece gets positive review but euro zone withholds part of new loan payment 2016-10-10T04:00:00Z Regling said the decision on the medium-term relief will be taken before August and could possibly include the ESM buying out IMF’s loans which are more expensive. Post-bailout credit line for Greece probably not needed: rescue... 2018-03-10T05:00:00Z As the debt crisis spread, national governments created a range of new tools and institutions to fight it, including the Luxembourg-based ESM and, later, a single eurozone banking supervisor housed within the European Central Bank. Germany’s Central Bank Urges Reforms to Euro Area Governance 2016-07-18T04:00:00Z A further €2.8 billion will be available to Greece, the ESM said, on the condition that it clears its arrears and completes further agreed reforms. Greece Gains Fresh Loans From Eurozone Fund 2016-06-17T04:00:00Z The ESM said it would now scrutinise the proposed payment to the pensioners. Eurozone suspends Greek debt-relief plan - BBC News 2016-12-14T05:00:00Z David Ludwig is executive director of the council, and he says ESM did not provide the products or services as expected, so the council ended its relationship. Vendor sues Nebraska school over software contract 2016-04-14T04:00:00Z Regling said the decision on the medium-term relief will be taken before August and could possibly include the ESM buying out IMF’s loans which are more expensive. Post-bailout credit line for Greece probably not needed: rescue... 2018-03-10T05:00:00Z The German central bank also reiterated earlier proposals to insert clauses into eurozone government bond contracts that automatically extend their maturities by up to three years if a government seeks assistance from the ESM. Germany’s Central Bank Urges Reforms to Euro Area Governance 2016-07-18T04:00:00Z It was the 22-year-old Derani who did the bulk of the work for ESM, driving to the lead almost every time he got behind the wheel. Scott Sharp won the Rolex 24 at Daytona for the 2nd time in his career with the overall victory 2016-01-31T05:00:00Z The ESM said the release of the remaining 7.28 billion euros for the banks "will be decided on a case by case basis." Eurozone bailout fund releases 2.72 billion euros to recapitalize Greece's ailing Piraeus Bank 2015-12-01T05:00:00Z Today’s decision to disburse €2 billion of ESM funds reflects the Greek government’s commitment to the programme as it implemented an extensive list of essential reforms. French growth slowed after Paris attacks, but eurozone picks up - business live 2015-11-23T05:00:00Z "The agreement paves the way for the formal approval by the ESM Board of Directors on Monday 23 November of disbursing the 2 billion euro sub-tranche linked to the first set of milestones," he said. Euro zone agrees Greece can get next loan tranche, cash for bank recap 2015-11-21T05:00:00Z That would boost the firepower of the ESM, since it wouldn’t need to pay off existing bondholders, and ensure investors bore more of the costs, the Bundesbank argued. Germany’s Central Bank Urges Reforms to Euro Area Governance 2016-07-18T04:00:00Z ESM Productions has a critical role in the arrangements, coordinating more than 100 vendors. In Philadelphia, Putting on a Show for a Holy Headliner 2015-09-19T04:00:00Z But the company, ESM Productions, said Friday the plan was canceled due to a lack of interest and the fact that “plenty of accommodations” are still available. Plan for Philadelphia campground for papal pilgrims canceled 2015-09-12T04:00:00Z Today’s decision to disburse €2 billion of ESM funds reflects the Greek government’s commitment to the programme as it implemented an extensive list of essential reforms. French growth slowed after Paris attacks, but eurozone picks up - business live 2015-11-23T05:00:00Z Such a treaty change would be difficult by the end of the year, so ministers are considering using the ESM at a later stage. Germany will back sharing bank risk only responsibility shared as well 2015-09-12T04:00:00Z It also suggested that the ESM be given powers to oversee government budgets and enforce the bloc’s fiscal rules, which are currently exercised by the European Commission in Brussels. Germany’s Central Bank Urges Reforms to Euro Area Governance 2016-07-18T04:00:00Z The walls of ESM Productions’ office are lined with mementos from Mr. Mirkin’s backstage exploits. In Philadelphia, Putting on a Show for a Holy Headliner 2015-09-19T04:00:00Z “We will monitor the process closely,” said Dijsselbloem, after chairing the ESM board meeting, held by conference call. European Bailout Fund Approves Release of Funds for Greece 2015-08-19T04:00:00Z "More reforms are expected from the Greek authorities to allow for a swift disbursement under the ESM. This is also what is being discussed right now," she said. New Greek bailout talks start, creditors seek more action 2015-07-27T04:00:00Z Even with German consent, such a credit line would require a change of the ESM treaty, which now allows the ESM to lend only to governments, not to institutions. Germany will back sharing bank risk only responsibility shared as well 2015-09-12T04:00:00Z But there are reports that Greece’s creditors are being rebadged as the Quadriga, to reflect the fact that the ESM is joining the Troika. Yanis Varoufakis defends secret plan for parallel Greek payment system - live updates 2015-07-27T04:00:00Z The tone in Berlin is different, where some advocate not only that bank creditors foot the bill but also that the ESM steer clear of any direct stake, lumbering Athens with the banks' clean-up. Debt conundrum to keep Greek banks in months-long freeze 2015-07-26T04:00:00Z The eurozone's bailout fund, the ESM, announced it would formally open negotiations on a third bailout programme on Friday after both the Austrian and German parliaments voted in favour of negotiations. Greece debt crisis: Bailout talks given go-ahead - BBC News 2015-07-17T04:00:00Z A euro area Member State requesting financial assistance from the ESM is expected to address, wherever possible, a similar request to the IMF. Dr. Schaeuble's Master Plan 2015-07-14T04:00:00Z “This is a precondition for the Eurogroup to agree on a new ESM programme,” the statement reads. A Humiliating Deal for Greece 2015-07-13T04:00:00Z But there are reports that Greece’s creditors are being rebadged as the Quadriga, to reflect the fact that the ESM is joining the Troika. Yanis Varoufakis defends secret plan for parallel Greek payment system - live updates 2015-07-27T04:00:00Z Any such direct ESM aid requires that losses first be imposed on some of the banks' bondholders and even large depositors. Debt conundrum to keep Greek banks in months-long freeze 2015-07-26T04:00:00Z The ESM is the European Stability Mechanism, the eurozone's rescue fund. Greece debt crisis: What's the deal? - BBC News 2015-07-13T04:00:00Z This is a precondition for the Eurogroup to agree on a new ESM program. Dr. Schaeuble's Master Plan 2015-07-14T04:00:00Z "What we should be discussing today is basically about giving a mandate to the European Commission in liaison with the ECB and in close cooperation with the IMF to start negotiations about this ESM program." Highlights: Euro zone finance minister comments on Greece 2015-07-11T04:00:00Z Those plans must include a formal application for a bailout under the ESM, the European Stability Mechanism. Greece debt crisis: The final showdown 2015-07-08T04:00:00Z "We don't know yet if the ESM will take direct control," Debt conundrum to keep Greek banks in months-long freeze 2015-07-26T04:00:00Z These are held in an ESM account and could be released to the Greeks if the eurogroup so decided. Greek debt crisis: Alexis Tsipras makes his case at eurozone summit - live updates 2015-07-07T04:00:00Z Gabriel, however, emphasised the problems of devising a new bailout under the ESM whose rules are more exacting than those for the eurozone instrument used for the previous bailouts since 2010. Eurozone struggles to find joint response to Greek referendum 2015-07-06T04:00:00Z Both sets of debts could be replaced with lower-rate, longer-term loans from the ESM. Special Report: How Greece went bust 2015-07-01T04:00:00Z Last summer - its first under cultivation by ESM United Methodist Church - the garden produced an estimated 800 pounds of squash, 500 of potatoes, and smaller amounts of peanuts, cucumbers, tomatoes, bush beans and field peas. Church growing food for community on former industrial site 2015-04-11T04:00:00Z Tendril then allows the ESM to create and deliver highly targeted offerings. Tendril Applies High Tech To A Usually Low Tech Industry 2014-05-06T12:00:00Z The German finance ministry, for example, has been sending negative signals on this, indeed it has been demanding back €500m of the money held by the ESM, the 2014 profits. Greek debt crisis: Alexis Tsipras makes his case at eurozone summit - live updates 2015-07-07T04:00:00Z The ESM rules say that a bailout can be considered for a eurozone country if its financial plight imperils the stability of the euro area as a whole. Eurozone struggles to find joint response to Greek referendum 2015-07-06T04:00:00Z The more than 35,000 plaintiffs included academics and lawmakers from Chancellor Angela Merkel's conservative bloc and the opposition, who argued that the ESM amounts to an illegal transfer of sovereignty from Berlin to Brussels. German court confirms legality of euro zone bailout scheme 2014-03-18T10:12:30Z If they need to, governments could then request loans from the ESM. Holes Are Seen in Europe Rescue Net 2013-12-20T14:25:42Z Berlin also questions the certainty of the ESM loan always being paid back by the Single Resolution Fund. Euro zone set for drawn-out battle over banking rules 2013-12-17T16:00:44Z These are held in an ESM account and could be released to the Greeks if the eurogroup so decided. Greek debt crisis: Alexis Tsipras makes his case at eurozone summit - live updates 2015-07-07T04:00:00Z "I think if it's supported by an appropriate backstop it would be sufficient, but on its own it wouldn't. Access to the ESM would be the backstop that would be appropriate," Noonan said. ECB says EU bank resolution plans may be too complex, poorly funded 2013-12-16T18:55:17Z "I think if it's supported by an appropriate backstop it would be sufficient, but on its own it wouldn't. Access to the ESM would be the backstop that would be appropriate." Euro zone bank fund would need ESM backing: Irish finance minister 2013-12-16T16:56:09Z "In the build-up phase, bridge financing would be available from the respective national sources, or from the ESM on a case by case basis in line with agreed procedures," said the document seen by Reuters. Exclusive: Euro zone bailout fund should be allowed to help close failing banks - document 2013-12-09T16:36:22Z "The decision in the ESM/ECB proceedings will no longer be announced in the current year," the... No Verdict This Year on ECB Bond Program 2013-11-21T17:43:34Z The German finance ministry, for example, has been sending negative signals on this, indeed it has been demanding back €500m of the money held by the ESM, the 2014 profits. Greek debt crisis: Alexis Tsipras makes his case at eurozone summit - live updates 2015-07-07T04:00:00Z "We need three layers of backstops - first private markets, second domestic budgets or domestic bank rescue funds, and the third layer is the ESM." Reluctant Germany casts cloud over Europe's bank revamp 2013-11-15T19:17:54Z Inside the meeting room, people close to the talks said the two clashed again, when Germany asked for the removal of any reference to ESM bank aid from the ministers' statement. Germany challenges use of euro zone cash to repair banks 2013-11-14T22:16:53Z "When the SRF is fully financed, national sources will be replaced by a common backstop, e.g. the ESM," it said. Exclusive: Euro zone bailout fund should be allowed to help close failing banks - document 2013-12-09T16:36:22Z In the meantime, the ESM should provide a backstop, he said. Bailout fund should not help clean up euro zone banks: German official 2013-11-14T17:33:02Z It satisfies an SPD demand that the ESM not be used to wind down banks while addressing concerns in Merkel's conservative camp about giving the European Commission resolution powers. Exclusive: German parties reach deal on banking union - sources 2013-11-09T17:57:58Z The most contentious use of the ESM is to recapitalise banks directly rather than by lending to governments to pass on to them, as it is doing in Spain. The European Stability Mechanism: Gearing up for business 2013-10-10T15:00:39Z Under Greece's bailout agreement, the ESM was supposed to draw up a report on how to raise money from real estate assets currently not included Greece's privatisation plan. Euro zone, IMF to press Greece for foreign agency to sell assets 2013-08-29T10:14:50Z The ESM will be able to inject a total of 60bn euros into troubled lenders. EU agrees guidelines for rescue fund 2013-06-21T14:12:02Z The ESM will be able to inject up to 60bn euros into troubled lenders. EU agrees guidelines for rescue fund 2013-06-21T10:34:41Z Should states run into financial problems, they could turn to the ESM for aid, as Spain has done. Exclusive: German parties reach deal on banking union - sources 2013-11-09T17:57:58Z That is why guidelines for ESM, while expected to be agreed in principle on Thursday, will only be finalized in a legal form once the European Parliament votes through the directive. Euro ministers to decide direct bank recapitalization rules on Thursday 2013-06-20T01:11:41Z The ESM investment will carry conditions, including the possibility of limiting the remuneration and bonuses of the bank's management. Exclusive: Creditors, governments must pay in any euro bank rescue - document 2013-06-14T18:31:13Z The ESM is based on paid-in capital, which will eventually total 80 billion euros. Analysis: Pall of bank "legacy assets" hangs over euro zone 2013-01-30T12:08:36Z The possibility of the ESM taking over Irish bank stakes looks slim, however, as European states start to back away from a June 2012 pledge to deal with bank legacy costs. Insight: Irish banks at mercy of international paymasters 2013-01-28T16:05:27Z An ESM spokesman declined to comment on the discussions. Obstacles Arise for Euro-Zone Bank Plan 2013-01-17T03:00:15Z If a country faced insolvency following a bank bailout, it would still need to guarantee that the ESM would get its money back, it said. EU draft bank rescue plan says countries must share burden: FT 2013-01-13T22:43:17Z While already agreed, the ESM rules will be finalized only when EU institutions, including the European Parliament, agree on two pieces of legislation on guaranteeing bank deposits and closing down bankrupt banks. Exclusive: Creditors, governments must pay in any euro bank rescue - document 2013-06-14T18:31:13Z "It may even be the case that no euro zone bank is ever directly recapitalized from the ESM," said the official from the northern euro zone country. Analysis: Pall of bank "legacy assets" hangs over euro zone 2013-01-30T12:08:36Z From this standpoint and based on Europe's further efforts on financial stability, Japan will purchase a portion of ESM bonds continuously by utilising foreign reserves. Eurozone crisis live: Japan offers Europe help, as new unemployment data awaited 2013-01-08T08:47:57Z Once it is running, the ESM may be allowed to recapitalise banks directly. Charlemagne: All hope not lost 2012-12-19T16:07:15Z Any ESM loans will be accompanied by tough rules on budget discipline. Deeper eurozone union 'agreed' 2012-12-14T13:55:50Z He said the ESM altered the EU's powers. New EU bailout fund legal - court 2012-11-27T09:22:18Z And, with a single supervisor in place, the ESM will be permitted to inject capital directly into troubled banks. Europe still vulnerable to breakaway governments 2012-11-12T09:57:43Z Cyprus says it wants the euro zone's ESM bailout fund to recapitalise the banks directly, but heavyweights in the bloc disagree with the ESM undertaking legacy debt. Cyprus talks with lenders as debt sustainability in focus 2012-11-09T09:12:07Z The ECB said it was ready to buy short-dated bonds of troubled countries in “unlimited” amounts, so long as they submit to reforms and the ESM also buys bonds. Charlemagne: All hope not lost 2012-12-19T16:07:15Z Germany, the biggest contributor to the ESM, continues to insist that Spain does not need a bailout. Politics puts Italy, Spain back in market focus 2012-10-29T12:14:03Z Mr Pringle complained to the Irish courts, saying the ESM agreement should trigger an Irish referendum because, in his view, it transferred significant powers to the European Union. New EU bailout fund legal - court 2012-11-27T09:22:18Z European leaders who believe that they need do no more than dip into the ESM to tide Spain over are likely to be disappointed. Spain’s fiscal woes: State of denial 2012-10-25T15:00:58Z A second euro zone official said that while borrowing from the ESM would in itself increase Greek debt, there was another way to reduce it. Euro zone mulls new ways to cut Greek debt mountain 2012-10-13T12:13:21Z Specifically, in regards to conditions of the ESM which call for a single regulator by January 1,2013. Capital Punishment and Capitulation: Why Spain will find it difficult to move forward 2012-10-11T18:20:57Z Yet there was little fanfare about today’s launch of the ESM. The euro crisis: The lingering limbo 2012-10-08T22:50:46Z A revised budget based on updated IMF and EU forecasts may be one condition for assistance from the ESM. Euro zone to launch bailout fund with Spain in focus 2012-10-08T09:12:24Z The ESM will be able to operate as of Monday afternoon. Spain tops agenda for euro zone permanent bailout fund 2012-10-05T16:18:53Z "The thing that is on their mind is to apply for the ESM assistance and the implications of that," a person who attended one of the meetings told Reuters. Spain central bank undercuts budget as rescue looms 2012-10-04T14:34:47Z Another option would be for the ESM to buy Spanish bonds outright at auction, but that might be more expensive and not achieve the same degree of leverage. Exclusive: Euro zone considering bond insurance for Spain - sources 2012-10-04T11:49:33Z Yet nobody is quite sure of the real power of the ESM, or of how and when it will be called into action. The euro crisis: The lingering limbo 2012-10-08T22:50:46Z "The ESM will be operational as of Monday," said a euro zone official, linked to the ESM. Euro zone to launch bailout fund with Spain in focus 2012-10-08T09:12:24Z ESM money would only flow to Spain in November, after the European Commission's competition authorities approve the details of the recapitalization for each bank. Spain tops agenda for euro zone permanent bailout fund 2012-10-05T16:18:53Z Binding parliament into the ESM decision-making process was a key component of getting the ESM through the Austrian assembly in July with the required two-thirds majority vote. Austrian parliament forms panel to screen ESM requests 2012-10-02T15:18:17Z But since the June summit there is reason to suppose that the ESM will not impose very harsh conditions – why should they? Silvio Berlusconi is foolish to bash Germany for 'dictating' to Europe 2012-09-27T09:34:58Z More fundamentally, the row over the role of the ESM damages the already-fragile notion that the eurozone countries are capable of acting quickly. Spanish hopes threatened by 'shocking' statement 2012-09-26T19:35:29Z The ESM money would flow to Spain in November, after European Commission competition authorities approve conditions for the recapitalization for each bank. Euro zone to launch bailout fund with Spain in focus 2012-10-08T09:12:24Z Austria joined the three on Wednesday, saying there was no question of the ESM being allowed to assume old, bad debts. Euro zone split over how to interpret bank debt deal 2012-09-26T14:08:09Z The 16 members of the committee will also screen any plans to change the ESM treaty or top up its capital. Austrian parliament forms panel to screen ESM requests 2012-10-02T15:18:17Z German ratification was held up for months by legal complaints against the ESM. Germany clears last hurdle to ESM bailout fund ratification 2012-09-26T10:05:09Z The time to argue these points was when use of the ESM was being debated by all. Spanish hopes threatened by 'shocking' statement 2012-09-26T19:35:29Z The new ESM is expected to start work next month. Eurozone considers boosting bailout fund 2012-09-24T14:03:00Z "This discussion is ongoing," said Olivier Bailly, a spokesman for the European Commission, when asked what the statement meant for the ESM and bank recapitalization. Euro zone split over how to interpret bank debt deal 2012-09-26T14:08:09Z The ESM would help fund any new government borrowing, while the ECB would buy bonds in the secondary market. The euro crisis: Game change? 2012-09-13T08:17:36Z The ESM is expected to be up and running by the end of October. Germany clears last hurdle to ESM bailout fund ratification 2012-09-26T10:05:09Z The decision on Wednesday, made in an atmopshere of theatrical drama by the court’s eight red-robed judges, amounted to a ruling on requests for an injunction to the ESM, which were denied. German court rules in favor of bailout fund, with conditions 2012-09-12T11:12:58Z It may be one reason why the German Association of Family Businesses supports the petition against Germany's ESM funding. German firms question eurozone's value 2012-09-11T23:00:29Z More Democracy wants the court to rule that the ESM and the fiscal pact can only be approved in a referendum. Q&A: German court ruling on euro bailout fund 2012-09-11T14:18:29Z The future of the ESM itself remains in doubt pending a German court ruling this week, and a $125 billion bailout of Spain’s banks is still to be negotiated. Ireland to need more European aid 2012-09-11T00:39:00Z In addition to its ESM verdict, the Constitutional Court is also due to rule on a new fiscal treaty aimed at forcing eurozone governments to adhere to strict budget discipline. German court may delay euro ruling 2012-09-10T18:18:17Z The decision, though, cleared the way for German President Joachim Gauck to technically ratify the ESM treaty, which was approved by the German parliament in June. German court rules in favor of bailout fund, with conditions 2012-09-12T11:12:58Z The ESM is an integral part of the European Central Bank's bond-buying scheme, announced on Thursday. Soros: Germany must lead or leave 2012-09-09T16:17:55Z A decision to suspend the ratification process would be seen as a sign that the court regards the ESM and the fiscal pact as being incompatible with Germany's constitution. Q&A: German court ruling on euro bailout fund 2012-09-11T14:18:29Z It voted against rescue packages for Spain and Greece, budget deficit targets and the new ESM bailout fund. Dutch election: Emile Roemer seduces with Socialist charms 2012-08-30T09:24:37Z Given that Germany will account for nearly a third of all contributions to the ESM - paying out 21.7bn euros in cash and providing guarantees worth a further 168.3bn euros - German ratification is essential. German court may delay euro ruling 2012-09-10T18:18:17Z If the court rules in the plaintiffs' favour, it will ask the president, Joachim Gauck, not to sign the ESM treaty, which has already been ratified by Germany's parliament. German objections to euro bailout reach defining moment 2012-08-28T12:46:52Z "The ESM is a better instrument for dealing with the crisis than the EFSF," he was quoted as saying. ECB's Asmussen: Greek exit manageable but not preferable 2012-08-20T09:25:41Z The judges may, for example, limit Germany's liability under the ESM to a maximum amount or strengthen the ability of MPs to intervene, German media report. Q&A: German court ruling on euro bailout fund 2012-09-11T14:18:29Z However, what comes with the ESM is something of absolutely new quality. The ECB and the euro crisis: Draghi drags it out 2012-08-03T10:55:36Z The ESM bailout fund, which the ECB wants countries to tap before it buys their bonds, is not yet functional, awaiting among other things a German Constitutional Court ruling on it on Sept 12. Spanish, Italian yields bounce as caution sets in 2012-08-07T11:03:20Z Investors are worried that the court could oppose the ESM such that they would have to bear the losses from their bad investments. German objections to euro bailout reach defining moment 2012-08-28T12:46:52Z The issue of how the euro zone planned to boost the resources of its yet-to-be ratified ESM rescue fund was also unresolved. Spain, Italy debt extends rally but ECB details key 2012-08-06T16:28:29Z Germany's parliament approved the fiscal pact and the ESM by a large two thirds majority in late June but since then discussion about giving the ESM a banking license has been rife. German politicians concerned about bigger role for ESM 2012-08-04T18:15:58Z The most on the this board have no idea what the ESM means for them. The ECB and the euro crisis: Draghi drags it out 2012-08-03T10:55:36Z Monti also said that the ESM bailout fund, which will not be operational until next month at the earliest, would obtain a banking licence. Bundesbank warns over eurozone crisis as ECB prepares to meet 2012-08-01T18:31:35Z The plaintiffs have raised several objections to the ESM. German objections to euro bailout reach defining moment 2012-08-28T12:46:52Z But as the ECB meeting on Thursday approached, uncertainty returned, especially as German politicians seemed to dash hopes of the ESM bailout fund receiving a banking licence. ITV shares dim on worries about outlook, while FTSE loses 1% as eurozone hopes recede 2012-07-31T16:00:33Z It’s called a “mechanism” but in fact the ESM is being set up as an international institution based in Luxembourg. The Big New Idea for Saving the Euro 2012-07-31T13:21:14Z A much cleaner solution would thus be to grant a banking licence to the ESM. There is a euro crisis solution – use the European Stability Mechanism 2012-07-31T13:05:13Z One idea being floated is that the EFSF/ESM would buy up bonds from sovereign states and this would be reinforced by buying in the secondary markets by the ECB. How European Central Bank can safeguard the euro 2012-07-30T19:22:07Z Second, Germany's law on the introduction of the ESM obliges Germany's representative on the ESM council to vote only after having asked the Bundestag for a decision. German objections to euro bailout reach defining moment 2012-08-28T12:46:52Z The ECB also seems to be softening its stance on another taboo - giving the ESM a banking license so the fund can borrow from the ECB against euro zone government bonds. Euro zone crisis heads for September crunch 2012-07-29T10:19:49Z It’s unlikely that a banking license for the ESM will be on the agenda of that meeting, but it’s evidently an idea that council members are already mooting. The Big New Idea for Saving the Euro 2012-07-31T13:21:14Z He said the question would be put off until the ESM is up and running. Spain discusses state bailout; ECB seen writing off Greek debt 2012-07-28T10:22:13Z This would boost the power of the ESM, but is a no-no for the Germans, fearful would increase the risk of a downgrade for the AAA-rated countries putting up capital for the fund. How European Central Bank can safeguard the euro 2012-07-30T19:22:07Z Moreover, the plaintiffs claim that, while the ESM treaty is restrictive in granting resources to individual states, requiring a qualified majority vote, it does not specify the conditions under which losses are acceptable. German objections to euro bailout reach defining moment 2012-08-28T12:46:52Z If the ESM could refinance itself at the ECB, however, it would have virtually unlimited firepower for bond market intervention without causing inflationary pressure. Euro zone crisis heads for September crunch 2012-07-29T10:19:49Z Nothing will happen until the ESM is online. Exclusive: Spain discussed $366 billion bailout with Germany: source 2012-07-27T11:43:20Z He also said Germany appeared to be softening its opposition to giving the ESM a banking licence. Spain discusses state bailout; ECB seen writing off Greek debt 2012-07-28T10:22:13Z "Giving the ESM a banking license would allow it to expand its firepower," said CMC Markets Chief Market Strategist Michael McCarthy in Australia. Asian Shares Edge Higher 2012-07-26T03:38:42Z Losses can result from excessive wages paid by the ESM governing council members to themselves, a dearth of energy in efforts to collect debts from countries that have received credit, or other forms of mismanagement. German objections to euro bailout reach defining moment 2012-08-28T12:46:52Z A positive ruling is vital, because Germany is the biggest funder of the ESM, and the euro zone would be powerless to protect Spain or Italy without the ESM. Euro zone crisis heads for September crunch 2012-07-29T10:19:49Z Spokesmen for both the Bundesbank and Schaeuble firmly restated their opposition on Friday but the question remains of how the ESM would fund a Spanish bailout in practice, should it prove necessary. Exclusive: Spain discussed $366 billion bailout with Germany: source 2012-07-27T11:43:20Z The ESM isn’t even in business yet; the EU decided only last year to set it up, and the new entity isn’t expected to be fully operational for at least several months. Could Europe's Rescue Fund Become a Big Bank? 2012-07-25T20:13:17Z “The danger of the euro zone breaking up in the absence of the ESM is higher than once it is created,” says Chatzimarkakis. Greece Hosts Its Lenders—Yes, It's Awkward 2012-07-25T17:02:52Z It is theoretically possible that a single country could be held liable for the ESM's total exposure of €700bn. German objections to euro bailout reach defining moment 2012-08-28T12:46:52Z Asked about giving the ESM a banking license, Nowotny told Bloomberg in an interview released on Wednesday: "I think there are pro arguments for this." ECB's Nowotny sees merits to leveraging ESM bailout fund 2012-07-25T10:36:04Z That will be replaced by a permanent fund, the ESM, probably in September. Spain debt fuels German angst 2012-07-24T11:08:42Z In June, the 26 MPs from Merkel's coalition who voted against the ESM bill was an increase on the 17 coalition MPs who rebelled against the second Greek bailout package in February. Merkel set to win Spanish aid vote despite rebels 2012-07-19T10:46:06Z Without the ESM, the euro zone lacks a strong firewall to protect major economies such as Spain and Italy from the possible fallout of a Greek euro exit. Greece Hosts Its Lenders—Yes, It's Awkward 2012-07-25T17:02:52Z Finally, the ESM cannot be considered on its own, but must be seen in the context of the total exposure amount, which includes the €1.4tn in bailout funds that have already been granted. German objections to euro bailout reach defining moment 2012-08-28T12:46:52Z The ESM is an entity that is funded by governments. ECB's Nowotny sees merits to leveraging ESM bailout fund 2012-07-25T10:36:04Z Once the supervisory body is in place, the euro zone's ESM rescue fund will be allowed to lend directly to banks, which leaders hope will break any links between troubled banks and sovereign borrowers. Banking union needed within months: ECB's Noyer 2012-07-18T15:05:42Z President Joachim Gauck will let the court rule before he signs the ESM and fiscal treaty into law. Judges delay bailout fund ruling 2012-07-16T10:05:53Z Elsewhere, the German constitutional court starts Tuesday its hearing for the application for a temporary injunction to prevent the German president signing the ESM and fiscal compact into law. European Stocks Jump 2012-07-10T15:31:38Z Most observers believe that the court is unlikely to oppose the ESM treaty, though many expect the judges to demand certain amendments, or to ask Germany's president to make his signature subject to certain qualifications. German objections to euro bailout reach defining moment 2012-08-28T12:46:52Z In the early hours of Friday June 29, EU leaders at a summit in Brussels agreed to ease conditions for countries receiving aid from the ESM. Insight: Merkollande's blossoming friendship and what it means for Europe 2012-07-10T11:15:55Z Helsinki insists that there was no agreement on bond-buying by the ESM in secondary markets at the leaders' summit. Spain to get longer to reach budget goal 2012-07-10T00:43:35Z He also said that the European bailout fund ESM would not be ready to recapitalize solvent, but illiquid banks by end of the year, but assured that the process was moving as fast as possible. Draghi keeps door open to further ECB rate cuts 2012-07-09T17:16:31Z "I would like to clarify that there will be no need for sovereign guarantees for banks being directly recapitalized by the ESM," said Commission spokesman Simon O'Connor, referring to the bloc's permanent rescue fund. Euro zone can help banks directly once supervisor set up 2012-07-09T10:39:30Z This may be tough to negotiate, given opposition from such countries as Finland and the Netherlands, both of which are against ESM bond-buying in the secondary market. European Stocks Flat 2012-07-09T07:04:55Z The euro zone's new rescue fund, the ESM, would be allowed to inject aid directly into struggling banks - a key demand from Spain. Insight: Merkollande's blossoming friendship and what it means for Europe 2012-07-10T11:15:55Z That might help overcome German concerns about the ESM taking on this risk. Ministers seek to untangle measures to help euro 2012-07-08T23:15:19Z That might assuage German concerns about the ESM taking on too much risk. Finance chiefs turn to EU's unfinished business 2012-07-06T15:06:44Z "The ESM will be able to decide by a regular decision once the single supervisory mechanism is in place to adopt an instrument that would allow for the direct recapitalization of banks." Euro zone can help banks directly once supervisor set up 2012-07-09T10:39:30Z With disdain for political expediency, they scheduled their deliberations on the fiscal pact for July 10 - a day after the already-delayed implementation date for the ESM across the 17-state currency zone. Europhiles, skeptics put faith in top German court 2012-07-05T13:38:54Z Less clear is what Draghi will say about giving the euro zone's ESM permanent bailout fund a banking license, which would allow it to exponentially increase its firepower from the planned 500 billion euros. Economic gloom seen pushing ECB to cut rates 2012-07-05T05:23:53Z But the central question as to whether individual countries or the euro zone assumes liability for banks that are rescued by the ESM remains open. Ministers seek to untangle measures to help euro 2012-07-08T23:15:19Z In order for the ESM funding mechanism to work it need unanimity and a strong credit rating. The Euro's New Challenge: Democracy 2012-07-03T13:03:43Z That would boost the ESM's firepower and allow it to intervene with real impact on bond markets, where Spain's benchmark yields are still well above 6 percent. ECB expected to cut, may take more to sustain markets 2012-07-03T09:50:42Z "So I expect them to issue a partial criticism, but not reject the fiscal pact and ESM lock, stock and barrel." Europhiles, skeptics put faith in top German court 2012-07-05T13:38:54Z Some analysts see the ECB changing its course on ESM as the best option to quell the debt crisis. Economic gloom seen pushing ECB to cut rates 2012-07-05T05:23:53Z Germany's top court will soon consider legal challenges to the ESM. Finland questions eurozone deal 2012-07-02T15:35:39Z ESM bond buying in secondary markets would require unanimity and that seems unlikely because Finland and the Netherlands are against it, the Finnish government said a report to a parliamentary committee. Finns, Dutch cast first doubt on euro zone deal 2012-07-02T12:18:31Z They also agreed that the ESM would be able to inject capital directly into ailing Spanish banks, once the euro zone has created a centralized banking regulator. Merkel Faces More Domestic Criticism 2012-07-01T22:51:41Z To come into effect, the ESM needs approval by states representing 90 percent of its capital base. Europhiles, skeptics put faith in top German court 2012-07-05T13:38:54Z She later won resounding approval in the lower house of the parliament in Berlin for funding the ESM and for new EU budget rules. EU deal for Spain, Italy buoys markets but details sketchy 2012-06-30T11:29:24Z The next question is whether the ESM/EFSF will have enough capital and assuming they don't, will the ECB chip in by giving it a bank license, thus leveraging its size. Wall Street Week Ahead: Can EU deal lift stocks for more than a day? 2012-06-29T23:47:57Z A European Commission spokesman also insisted that no changes to the treaty governing the ESM were required to enable the fund to recapitalize banks directly. Finns, Dutch cast first doubt on euro zone deal 2012-07-02T12:18:31Z Although an overwhelming majority of lawmakers from the governing coalition and the opposition approved the ESM and the fiscal pact, both measures have numerous critics in Germany. Merkel Faces More Domestic Criticism 2012-07-01T22:51:41Z "The judges know what political impact a clear 'no' to the fiscal pact and ESM would have," Bosbach said. Europhiles, skeptics put faith in top German court 2012-07-05T13:38:54Z The ESM is due to be launched next month. Merkel defends compromise on euro 2012-06-29T13:06:11Z Another gesture of reassurance to markets is the commitment that the debt owed by Spain to the EFSF, if and when it is transferred to the ESM, will not gain seniority. The euro crisis: Less disunion 2012-06-29T11:16:39Z "Those who advocate 'once and for all solutions' - be that a banking license for the ESM, a European transfer system, or the like - are contenting themselves with a superficial analysis." Finns, Dutch cast first doubt on euro zone deal 2012-07-02T12:18:31Z Some opponents of the ESM had already vowed to challenge the bailout fund's legality in Germany's constitutional court. Merkel Faces More Domestic Criticism 2012-07-01T22:51:41Z Investors had been concerned that the ESM had preferred creditor status if Spain were to default, the ESM would get paid back first and there may not be enough money left to repay private bondholders. EU deal buoys markets despite sketchy details 2012-06-29T10:52:34Z The sources said the preferred creditor status of ESM loans to Spain, which has spooked investors, was likely to be removed if Madrid issues covered bonds backed by state assets or tax revenues. Battle over Spain, Italy rescue erupts at EU summit 2012-06-29T00:04:44Z This may complicate the ratification in the Bundestag of the treaty establishing the ESM. The euro crisis: Less disunion 2012-06-29T11:16:39Z "We need a banking license for the ESM, a debt reduction fund, strict rules for banks with more intervention rights for supervision," he told Austria's Kleine Zeitung daily. Germans say "Nein! No! Non!" ahead of euro summit 2012-06-28T10:40:34Z Germany had previously insisted that the ESM could lend money only to governments and couldn't invest directly in banks. Merkel Faces More Domestic Criticism 2012-07-01T22:51:41Z More significantly, conservative floor leader Volker Kauder told another meeting of lawmakers that euro zone governments were discussing making it possible to remove preferred creditor status from the ESM rescue fund, participants said. Merkel buries euro bonds as summit tension rises 2012-06-27T05:29:08Z And they talk about a rescue fund, the ESM, that hasn’t yet been set up and which the German constitutional court believes is being hurried through undemocratically. Spanish Bailout Begins Tense Week of Euro Bluff 2012-06-25T11:54:15Z And these decisions together with the ESM have put Germany's taxpayers on the hook for all losses occuring to foreign banks and on GIPSIFs bond. The euro crisis: Less disunion 2012-06-29T11:16:39Z The deal on growth gave Merkel the support of the SPD and Greens in parliament on June 29 to approve her fiscal compact for budget discipline in Europe, as well as the ESM. German upper house wants billions before backing ESM: Seehofer 2012-06-23T15:31:17Z Such a solution should avert a problem which had scared investors: debt issued by the ESM must be paid back first in case of a Spanish default, relegating private creditors lower in the pecking order. Spain to seek bank aid as borrowing costs soar 2012-06-22T00:57:16Z "The signatories of the ESM Treaty will ensure its entry into force by July 9, 2012," the draft conclusions, obtained by Reuters, showed. EU leaders to vow July 9 start for ESM permanent bailout fund 2012-06-21T13:35:58Z This matters to investors because ESM loans would be senior to other Spanish borrowing, meaning private bondholders would face first losses in any debt writedown. Spain borrowing costs peak as EU ponders bank aid 2012-06-21T11:19:23Z In order to get the ESM/Fiscal compact, Merkel must have the Growth Pact. The euro crisis: Less disunion 2012-06-29T11:16:39Z Its leaders say they obtained details of the ESM from their sister party in Austria, rather than the chancellery, the Associated Press news agency reports. Court warns Merkel over bailouts 2012-06-19T11:07:45Z The ESM cannot come into effect without approval by Europe's biggest economy. Spain to seek bank aid as borrowing costs soar 2012-06-22T00:57:16Z "Ultimately we anticipate that a mixture of banking union and expanded ESM and a sovereign debt restructuring mechanism should be enough to keep a 16-nation euro area on the road," he told a conference call. Analysis: Big Greek risk morphs into more economic uncertainty 2012-06-18T14:50:42Z With the SPD holding out for a European financial transactions tax, cross-party talks on the fiscal pact and ESM votes have been fraught. German left to discuss growth with France's Hollande 2012-06-12T15:44:53Z EU sources said there was a preference to channel money to Spain through the ESM, rather than the EFSF. Eurozone agrees to lend Spain up to 100 billion euros 2012-06-10T00:27:43Z Germany, it seems, opposes this kind of bailout because the ESM requires new rules, to be approved, possibly, in the next few months. Spain's 90s greed is at the root of its banking crisis 2012-06-08T21:30:01Z Many Irish voters realize that, even if they hate austerity, they may well need access to the ESM. Europe faces difficult search for growth 2012-05-21T14:15:00Z Buiter favors granting the 500 billion euro ESM a banking license so it has more financial firepower, but he said there was not yet enough support for the idea. Analysis: Big Greek risk morphs into more economic uncertainty 2012-06-18T14:50:42Z Madrid is understandably reluctant to accept that it needs a bailout from the ESM. How could Spain's 'secure' banks descend into crisis? 2012-06-02T23:06:06Z But the lower house of the Dutch parliament passed the ESM last week by a two-thirds majority and it is expected to be approved by the Senate this month. Dutch step up anti-euro election campaign 2012-06-01T12:17:39Z The ESM is a permanent rescue fund to replace the temporary EFSF. Eurozone glossary 2012-06-01T06:05:01Z He and the other opponents claim that Ireland has a veto over the ESM, which has yet to be anchored into EU law, something that requires unanimity among all 27 member states. Europe faces difficult search for growth 2012-05-21T14:15:00Z The proposal that Europe's ESM bailout fund be used to aid banks directly provided a potential lifeline to Rajoy's government as rumours grew that Spanish banks would need another round of recapitalisation. European commission country scorecards 2012-05-30T18:21:58Z One favours using the ESM in Spain, the other does not. Spain banking crisis – German U-turn on eurozone bailout pot seems a fair bet 2012-05-30T18:27:57Z “Direct recapitalization by the ESM might be envisaged,” the Commission’s report said. EU Calls for ‘Banking Union’ to Ease Crisis 2012-05-30T15:25:20Z The ESM becomes operational from July, but is currently designed only to lend to ailing governments. Eurozone bank bailouts proposed 2012-05-30T11:41:02Z They argue that the government could say that unless the link between the ESM and the Fiscal Treaty is removed, they will block the bailout fund. Europe faces difficult search for growth 2012-05-21T14:15:00Z "To sever the link between banks and the sovereigns, direct recapitalisation by the ESM might be envisaged," it added. Eurozone faces 'financial disintegration' unless it acts again, warns commission 2012-05-30T11:00:50Z “Whoever doesn’t accept the treaty has no protection from the ESM bailout fund,” he said. What a Referendum in Ireland Means for the Rest of the E.U. 2012-05-30T09:05:58Z The ESM is scheduled to start work on July 1 but Merkel's government insists that the bailout fund must be approved at the same time as the fiscal pact. Merkel party urges opposition to back fiscal pact 2012-05-27T12:33:54Z "UNIQUE RATIOS" European leaders agreed late last year to move forward the introduction of the ESM by a full year to July 1, 2012. Exclusive: New euro bailout fund may not have sufficient staff 2012-05-23T11:35:49Z However, the government says it has already agreed to the ESM. Europe faces difficult search for growth 2012-05-21T14:15:00Z Germany, France etc. merely 'guarantee' for the EFSM/ESM without charge. The euro in crisis: Groping towards Grexit 2012-05-15T00:02:08Z “If the Irish people think they don’t need any ESM protection they can, of course, reject the fiscal treaty.” What a Referendum in Ireland Means for the Rest of the E.U. 2012-05-30T09:05:58Z Explore our interactive guide to Europe's troubled economies Another problem is that both the IMF and ESM are considered “preferred creditors”, which means any borrowing from them is first in line for repayment. The euro zone?s rescue fund: Funny money, fuzzy maths 2012-04-26T15:02:43Z The debate on Thursday kicks off a parliamentary process that will culminate in a vote on the fiscal pact and the ESM, perhaps as early as May. Merkel Rivals Attack Austerity Plan 2012-03-29T08:52:37Z As for the referendum, the “yes” campaign argues that without access to the ESM, future austerity could be even harsher. Europe faces difficult search for growth 2012-05-21T14:15:00Z Under the preferred option, officials say, the ESM would start with a €200 billion lending capacity on July 1 but increase to its full capacity by 2014. The Plan to Boost the Bailout Funds 2012-03-28T21:34:23Z And cash-strapped countries, such as France, are reluctant to pay in a lot of capital to the ESM quickly. The euro crisis: A firewall full of holes 2012-03-01T16:00:40Z "The government currently sees no need for a debate on increasing the capacity" of the ESM and the existing interim bailout fund, she said Monday. German Lawmakers Approve New Greek Bailout 2012-02-27T19:32:01Z “China will always adhere to the principle of holding assets of EU sovereign debts for example through the IMF or EFSF” and the ESM, Zhou said. China Pledges to Invest in Europe’s Bailout Funds, Hold Euros 2012-02-15T05:09:02Z While Finland requires collateral for all rescue loans paid from the temporary rescue fund, the European Financial Stability Facility, Urpilainen said Dec. 21 the country will forgo extra security for any lending from the ESM. Finland, Greece May Sign Collateral Deal in Next Few Days 2012-02-13T22:35:23Z When the ESM was first conceived, the idea was to inject the €80 billion of paid-in capital in five equal annual installments of €16 billion. The Plan to Boost the Bailout Funds 2012-03-28T21:34:23Z Much faith is placed in the ESM, to be launched on July 1st. The euro crisis: A firewall full of holes 2012-03-01T16:00:40Z The ESM was meant to replace the European Financial Stability Facility, a temporary fund that has been used to bail out Ireland and Portugal. Europe signs up to German-led fiscal pact 2012-01-31T01:00:12Z Leaders today decided to bring the ESM into operation on July 1, a year ahead of schedule. EU Wrestles Over Greek Aid, Marring Progress on Fund, Debt Pact 2012-01-30T22:05:01Z Leaders today will pledge to bring the ESM into operation on July 1, a year ahead of schedule. EU Stumbles as Merkel Signals Greece Deal Delay 2012-01-30T21:09:55Z The ESM is scheduled to go into operation this year. Greek Debt Talks Risk Derailing EU Summit’s Crisis-Fighting Plan 2012-01-29T23:23:03Z But the chancellor did not address the issue of whether Germany would back raising the ESM and instead answered a question about what impact increasing the ESM might have on the German budget this year. Merkel deflects pressure to boost euro bailout funds 2012-01-29T16:44:04Z Merkel has said she will not discuss the issue of the ESM/EFSF's ceiling until the next EU summit in March. Europe signs up to German-led fiscal pact 2012-01-31T01:00:12Z Finance ministers agreed to set up the ESM in July, a year ahead of schedule, after reaching a compromise with Finland over how it will award aid. EU Seeks Bondholder Concessions as Greece Seen ‘Off Track’ 2012-01-24T03:21:09Z Finance ministers will pore over the draft ESM treaty tonight, with Finland’s objections to the lack of a veto over aid payouts the main sticking point. Euro Leaders Seek Long-Term Fix 2012-01-23T15:31:54Z The ESM is another crucial element in the bloc's efforts to end the sovereign debt crisis that threatens to engulf Spain and Italy after claiming Greece, Ireland and Portugal. Euro zone finance ministers to rule on glacial Greek debt talks 2012-01-22T23:08:30Z Finance ministers are searching for a compromise that would allow Finland to sign the ESM without forcing it to supply aid against its will. Europe’s ESM Foresees Bond Clauses, IMF Restructuring Standards 2012-01-20T01:49:24Z A decision on the ESM will be reached by March, Urpilainen said. Finland Derides Crisis as Excuse for Eroding Sovereignty 2012-01-19T09:19:02Z To boost their firepower in case Spain or Italy need financing programs like Greece, Ireland and Portugal, euro zone leaders pushed forward the launch of the ESM by one year to July 2012. Analysis: Rescue fund downgrade raises pressure on euro zone 2012-01-17T17:14:13Z "We will also work particularly to implement the permanent stability mechanism, the ESM, so soon as possible -- this is important regarding investor trust." Europe must move quickly after S&P downgrades: Merkel 2012-01-14T12:48:29Z EU leaders are to sign off on both treaties on January 30, allowing the ESM to become operational in July. Euro zone finance ministers to rule on glacial Greek debt talks 2012-01-22T23:08:30Z Germany is also insisting that the ESM withhold loans from any countries that haven’t enacted a separate treaty designed to stiffen budgetary discipline across Europe. Europe’s ESM Foresees Bond Clauses, IMF Restructuring Standards 2012-01-20T01:49:24Z Germany wants to restrict assistance from the ESM to countries that have signed up to the fiscal pact. EU wants fiscal pact in force by Jan 2013: draft 2012-01-11T17:52:25Z The Merkel comments about Germany being ready to put more money into the ESM ... seem like a change of tack. Monti says markets must recognize Italian reforms 2012-01-11T15:41:36Z Also conceivable is the idea of using state funds to increase the size of the ESM to 100 billion euros, the paper wrote, citing unnamed sources in the German government. EFSF's Regling wants to up investor guarantees: report 2012-01-08T14:54:26Z Euro-region finance ministers plan to finalize the accord to set up the ESM at a meeting in Brussels on Jan. 23, said German Finance Ministry spokeswoman Silke Bruns in an interview yesterday. Germany May Speed Payments to Bailout Fund to Help on Ratings 2011-12-30T00:42:52Z Failing to resolve the issue means Finland will remain outside the ESM, Urpilainen said. Finland to Be ‘Active’ in Resolving ESM Impasse, Urpilainen Says 2011-12-22T11:36:23Z Finland's opposition, if not overcome, could scupper efforts to bring the ESM into force in July 2012, a year earlier than planned, to step up crisis-fighting efforts. Euro zone IMF loan target in danger as UK declines help 2011-12-20T02:42:24Z They also said they will aim to reassess the cap of the ESM. Finland’s Cabinet Split May Hamper Europe Debt Rescue Plan 2011-12-13T12:12:53Z They also aim to reassess plans to cap the overall lending of the ESM at 500 billion euros. Bundesbank Cools ECB Speculation as Euro Leaders Sell Accord 2011-12-13T07:34:47Z German coalition lawmakers see no scope to increase the 500 billion euro ESM, while its lending power may be maximized by reducing costs influenced by ratings, said Barthle, speaking by phone. Germany May Speed Payments to Bailout Fund to Help on Ratings 2011-12-30T00:42:52Z Leaders also plan to reassess plans to cap the overall lending of the ESM at 500 billion euros. Bundesbank Cools ECB Speculation as Euro Leaders Sell Accord 2011-12-11T23:23:04Z Germany deflected a move to grant the ESM a banking license, which would enable it to multiply its firepower by borrowing from the ECB. Euro Leaders’ Fiscal Union Pact Leaves Next Step to ECB 2011-12-10T05:26:53Z “We see investor burden sharing as a strong element of the ESM as it is in the IMF,” she said. Finland Will Exit ESM If Unanimity Dropped, Urpilainen Says 2011-12-09T14:38:03Z Market optimism was tempered a little on December 7th when hopes were dashed that the ESM would be combined with the existing European Financial Stability Facility to create a much larger rescue fund. Europe?s sovereign-debt crisis: Scaling the summit 2011-12-08T10:02:59Z Germany may be in better fiscal shape than some of its euro region partners to pay more into the ESM in 2012 due to rising tax revenue. Germany May Speed Payments to Bailout Fund to Help on Ratings 2011-12-30T00:42:52Z “Basically, we agreed on the principle for the ESM already in July,” Schaeuble told reporters in Berlin after talks with his Dutch and Finnish counterparts today. EU Permanent Rescue Fund May Ease Provision Mandating Bond Loss 2011-11-26T01:34:14Z Euro zone finance ministers will discuss the ESM at a meeting in Brussels on November 29-30, including the implications of dropping collective action clauses from its statutes. Exclusive: Euro zone may drop bondholder losses from ESM bailout 2011-11-25T21:08:54Z Germany and the Netherlands are resisting pleas by France, Spain, Portugal and Ireland for the bondholder-loss provisions to be stripped from the ESM treaty, the people said. Permanent EU Bailout Fund Said to Face Delay on Bond Loss Clash 2011-11-10T11:31:13Z A consensus is emerging to start the ESM in mid-2012, a year ahead of schedule, they added. EU Confronts Worsening Greek Data as Crisis Marathon Opens 2011-10-21T18:23:02Z A May tax review may show that it doesn’t need to reopen the budget to pay more into the ESM, Barthle said. Germany May Speed Payments to Bailout Fund to Help on Ratings 2011-12-30T00:42:52Z Faster startup of the ESM would widen Europe’s options and save money, the people said. EU Said to Mull Merging Rescue Funds to Wield $1.3 Trillion 2011-10-20T20:38:01Z Austria's opposition Green Party, whose support the government needs to secure backing for the ESM in the Vienna parliament, insists collective action clauses must remain a part of the ESM. Exclusive: Euro zone may drop bondholder losses from ESM bailout 2011-11-25T21:08:54Z The July 21 summit also foresaw additional powers for the temporary rescue fund, and for the ESM as well. Permanent EU Bailout Fund Said to Face Delay on Bond Loss Clash 2011-11-10T11:31:13Z Faster startup of the ESM would also save money. EU Said to Weigh Combining Rescue Funds to Deploy $1.3 Trillion 2011-10-20T18:11:01Z A broad majority of national officials last week endorsed rushing the ESM into place by July 2012, two people involved in the discussions said. Europe Aims to Dodge ‘Scapegoat’ Tax in Race for Crisis Answers 2011-10-02T22:23:01Z As Europe waits for the ESM to become effective, the EFSF’s enhanced powers will allow it to recapitalize banks, buy bonds in the secondary market and offer precautionary credit lines. Finland Wants Permanent Rescue Mechanism Implemented Next Year 2011-09-28T22:23:04Z It's also far from unclear whether the finance committee of the German lower house Bundestag would agree to such changes being made to the ESM. Exclusive: Euro zone may drop bondholder losses from ESM bailout 2011-11-25T21:08:54Z In parallel, the European Commission and governments including Finland called for the ESM to be set up a year earlier. Permanent EU Bailout Fund Said to Face Delay on Bond Loss Clash 2011-11-10T11:31:13Z “We should do everything possible to accelerate the entry into force of the ESM,” Barroso told the European Parliament in Strasbourg, France, today. Barroso Calls for Faster Start of Permanent Fund, Prods ECB 2011-09-28T14:05:01Z “We should do everything possible to accelerate the entry into force of the ESM,” Barroso told the European Parliament in Strasbourg, France today, referring to the European Stability Mechanism. Yen Gains as Europe Debt Woes, Growth Outlook Boosts Safety Bid 2011-09-28T10:38:02Z Senior national officials held initial discussions this week on bringing forward the ESM by a year to July 2012. Barroso Calls for Faster Start-Up of Permanent Euro Bailout Fund 2011-09-28T08:48:01Z Faster ESM enactment would provide a “more effective financing structure” that cuts the extra debt of donor countries by 38.5 billion euros, according to the document obtained by Bloomberg News. Euro Above Average Since Debut Undermines Calls for Collapse 2011-09-25T15:48:01Z Officials had hoped to bring the ESM’s start date forward to mid-2012 from its ultimate deadline of July 2013, the people said. Permanent EU Bailout Fund Said to Face Delay on Bond Loss Clash 2011-11-10T11:31:13Z Barthle said that by bringing forward the introduction of the ESM "we could get access to the CACs sooner, which would be extremely helpful." Merkel party MP wants permanent euro mechanism sooner 2011-09-24T15:49:03Z Discussions of the ESM timeline and further enhancements to the temporary rescue fund are proceeding at the technical level to maximize the crisis-fighting options for the political leadership. Europe Weighs Speedier ESM Enactment to Stem Crisis, Draft Shows 2011-09-23T17:53:01Z “We should do everything possible to accelerate the entry into force of the ESM,” Barroso told the European Parliament in Strasbourg, France today. Barroso Calls for Faster Start-Up of Permanent Euro Bailout Fund 2011-09-28T08:48:01Z Euro-area governments will put 700 billion euros of cash and callable capital into the ESM, giving it the capacity to lend 500 billion euros. Euro Chiefs Clash Over Greek Options as Concern on Italy Mounts 2011-07-11T14:09:58Z As a result of the new powers, the freshly inked ESM treaty had to be rewritten before being sent to national parliaments for ratification. Permanent EU Bailout Fund Said to Face Delay on Bond Loss Clash 2011-11-10T11:31:13Z "We do not currently have such a mechanism and that's why the ESM has to come into force," she said on September 13. Merkel party MP wants permanent euro mechanism sooner 2011-09-24T15:49:03Z Faster ESM enactment would yield a “more effective financing structure” that cuts the extra debt of donor countries by 38.5 billion euros, saving Germany alone 11.5 billion euros, the paper said. Europe Weighs Speedier ESM Enactment to Stem Crisis, Draft Shows 2011-09-23T17:53:01Z Germany agreed to grant around 22 billion euros in capital over five years to the ESM. Germany Raises Borrowing Targets More Than 10% on Bailout Costs 2011-07-03T23:22:49Z Tapping the ESM might require some restructuring of privately held sovereign debt. Ireland rules out second bailout; to test market in 2012 2011-05-30T14:34:38Z But the ESM only comes into force in the middle of 2013. Opposition to Greek Restructuring 2011-05-18T14:54:11Z For all the misgivings over the post-2013 European Stability Mechanism, Schroeder predicted that lawmakers will back down and pass the ESM after the summer recess. Merkel’s Leadership Deficit Fans Greek Crisis, Schroeder Says 2011-05-18T07:23:16Z That’s an increase of at least 10 votes in the past three weeks, enough to eliminate Merkel’s 41-seat majority over the opposition when the ESM goes to a vote after the summer recess. Merkel Risks Revolt Over Greece as FDP Ally Splits on Aid Terms 2011-05-14T13:25:28Z The FDP congress is due to vote on two euro zone motions, one for and one against the ESM, later on Saturday. German parliament backs euro fund: coalition member 2011-05-14T12:26:05Z EU leaders agreed in March to create a permanent rescue mechanism for the euro area, the European Stability Mechanism, or ESM. Bund Futures Rise on Speculation Greece May Exit Euro Zone 2011-05-06T18:36:29Z Before this date, the ESM will be a preferred creditor. European Bailouts Suffer From Built-In Flaws 2011-05-05T23:32:28Z "But more important for Merkel are concessions on the ESM," added the normally well-informed magazine in its Monday edition. Merkel hesitates in backing Draghi for ECB: report 2011-05-01T12:04:06Z In a litmus test of support, the opposition Greens and Social Democrats last month backed a non-binding coalition resolution on the ESM based on proposals drawn up by euro-area leaders on March 11. Merkel Faces Coalition Rebellion Over Future Euro-Area Bailouts 2011-04-21T14:41:14Z The pro-Europe motion called for "strict parliamentary endorsement of every activation of the ESM" and backed Merkel's insistence on private investors sharing the burden of sovereign default risks in the euro zone in future. German parliament backs euro fund: coalition member 2011-05-14T12:26:05Z One way of getting the market to accept Greek bonds again would be credit enhance these bonds with ESM backing. IFR: Voluntary Greek debt restructuring in next 2 yrs: expert 2011-04-13T11:42:36Z Without this shift, says one official, "one would indeed be crazy to buy on the market next to the ESM." European Bailouts Suffer From Built-In Flaws 2011-05-05T23:32:28Z A German official said on Wednesday that Germany now wanted this week's summit to alter a timetable agreed by EU finance ministers on Monday for injecting cash into the ESM. Politics to block debt crisis steps at EU summit 2011-03-24T00:50:33Z Also on April 18, the Bundesbank published a report saying the ESM contained “imprecise” rules for voting on aid that are potentially “contradictory” with regard to the roles of private creditors. Merkel Faces Coalition Rebellion Over Future Euro-Area Bailouts 2011-04-21T14:41:14Z There are also doubts in Germany about what capital commitments it needs to make to finance the ESM, which will have an effective capacity of 500 billion euros. EU leaders set to delay decision on bailout fund 2011-03-23T22:33:51Z If the Brady precedent was followed, this would see Greece use some of its pledged bailout money to buy zero coupon bonds from the ESM to secure the principal Greece would issue. IFR: Voluntary Greek debt restructuring in next 2 yrs: expert 2011-04-13T11:42:36Z Investors in countries with debt deemed “sustainable” will be encouraged to hold bonds to maturity, according to an ESM term sheet. Euro States Unveil Debt-Fighting Tool in Face of ECB Qualms 2011-03-21T19:41:04Z As a consequence, S&P “would consider downgrading ratings of countries that are possible clients of the ESM after 2013,” he said. Europe May Face More Ratings Cuts, Greek Default, S&P Says 2011-03-08T20:49:02Z We've already agreed on the volume of the lending capacity of the ESM. New euro fund to be 500bn euros 2011-02-14T22:40:13Z Belgium said last year that the ESM should be bigger than the current facility. EU finance ministers to discuss rescue fund 2011-02-14T00:05:53Z The finance ministers of the 16 nations sharing the euro said Nov. 28 that “an ESM loan will enjoy preferred-creditor status, junior only” to International Monetary Fund loans. France’s AAA Grade at Risk as Rating Cuts Spread: Euro Credit 2010-12-20T00:17:14Z Finance ministers confirmed that the ESM will enjoy preferred creditor status and will follow IMF case-by-case standards for deciding whether to require private bondholders to share the costs of bailouts. Euro States Unveil Debt-Fighting Tool in Face of ECB Qualms 2011-03-21T19:41:04Z Assistance under the ESM would involve measuring debt sustainability and require debt restructuring for members judged to be insolvent, the bank said. European Stocks Open Mostly Flat 2010-12-17T08:27:37Z The ESM will be based on the agreement reached by euro zone finance ministers on November 28. EU leaders to agree on law change for euro stability 2010-12-11T19:11:00Z The leaders, who meet Thursday and Friday in Brussels, will also agree that the ESM would replace the European Financial Stability Facility and the European Financial Stability Mechanism, which will be operational until June 2013. EU leaders to agree on law change for euro stability 2010-12-11T19:11:00Z Euro zone finance ministers are also to finish work on setting up the ESM through an intergovernmental arrangement by March 2011. EU leaders to agree on law change for euro stability 2010-12-11T19:11:00Z |
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