About: EFSF
German economists predict higher risk of Grexit following referendum
After the “No” vote in Greece, German economists are saying “it boils down to a Grexit”, predicting the country is on its way out of the eurozone. EURACTIV Germany reports.
EU declares Greece in default just before referendum
Greece was officially declared in default today (3 July), injecting even more urgency into a make-or-break weekend referendum that new polls suggest is too close to call.
Greece to lose €16.3 billion at midnight
Assuming that there is no last-minute deal between Athens and its creditors, Greece will lose €16.3 billion of financing at midnight Washington time today (30 June), EU officials told the press in Brussels.
Germany presses new Greek leaders to maintain reforms
After the far-left Syriza party triumphed in the Greek elections this Sunday, Germany is still insisting on the country’s implementation of reforms, which were part of the conditions of the country's bailout. Meanwhile German industry has warned the party’s leader, Alexis Tsipras, against changing course. EURACTIV Germany reports.
Greece: Finance ministers clear €49bn aid tranche
Eurozone finance ministers and the International Monetary Fund have agreed to release €49.1 billion in aid to Greece by the end of March, a sum that should help the country stay afloat until then and avoid bankruptcy.
Eurozone bailout funds downgraded over French fears
Credit ratings agency Moody's has cut its rating for the eurozone rescue funds ESM and EFSF to Aa1 from Aaa following its downgrade of France earlier in November.
Eurozone to boost bailout fund firepower to €2 trln: report
Eurozone states are preparing to allow the bloc's permanent bailout fund to leverage its capital in the same way as its predecessor so it can reach a capacity of more than €2 trillion and rescue big countries if necessary, Der Spiegel reported yesterday (23 September).
All eyes to turn to Karlsruhe on 10 July
On 10 July, the eyes of Europe will be on Karlsruhe, where Germany’s Constitutional Court is located. Judges will examine appeals brought against the European Stability Mechanism (ESM), the main European bailout fund, and the fiscal pact. EURACTIV Germany reports.Opposition builds against ‘Van Rompuy paper’ for fiscal union
EU heads of states and government who start their two-day summit today “have problems” deciding what to do with proposals for greater fiscal and political integration tabled by European Council President Herman Van Rompuy and three other leaders, EURACTIV was told.
Eurozone vows to act rapidly on Spain
Eurozone ministers are pressing Spain to formalise its bank aid request at the latest by Monday, and promise to send international creditors to Greece to hold talks with the newly formed government.
Downgraded Spain seeks ‘at least’ 40bn bank bailout
Without waiting for a widely expected EU rescue, credit ratings agency Fitch cut Spain's sovereign rating to BBB from A with a negative outlook, saying Madrid was especially vulnerable to a worsening of the euro zone debt crisis.
Some analysts say a Spanish bailout is inevitable
Economic experts watching Spain don't know how much money will be needed or precisely when, but some are near certain that Madrid will eventually seek a multibillion euro bailout for its banks, and perhaps even for the state itself.
Eurozone agrees temporary boost to rescue fund
Eurozone finance ministers agreed on Friday (30 April) on a temporary increase, up to €700 billion, of their financial rescue capacity to prevent a new flare-up of Europe's sovereign debt crisis, but markets may judge it too small to be convincing.
Schäuble in pole position for Eurogroup race
German Finance Minister Wolfgang Schäuble is seen as the best candidate to become the next president of the Eurogroup. EURACTIV.de and EURACTIV.fr report on reactions in Germany and France.
Rescue fund’s credit rating drop adds to euro woes
Standard & Poor's cut its credit rating of the eurozone's rescue fund, the European Financial Stability Facility (EFSF), on Monday (16 January), claiming its decision was inevitable following cuts three days earlier to the creditworthiness of France and Austria, two of the EFSF's guarantors.
Draghi kills hopes of large-scale ECB intervention
EU politicians have to move fast to make their bailout fund operational, European Central Bank President Mario Draghi said on Sunday (18 December), killing hopes that the ECB would engage in full-blown quantitative easing – printing money – to buy government bonds and ease funding strains.
Eurozone rescue plan enters endgame
Eurozone finance ministers approved leverage methods of the Financial Stability Facility (EFSF) last night (29 November) although details remained hazy over the involvement of the International Monetary Fund and the European Central Bank in future bailout schemes.
Pressure mounts as Eurogroup gathers
Eurozone finance ministers are to agree today (29 November) the details of bolstering their bailout fund to help prevent contagion in bond markets, under pressure from the United States and ratings agencies to staunch a two-year-old debt crisis.
G20 summit leaves rescue fund dangling
The G20, knocked off course by the escalating political crisis in Greece, agreed in principle today (4 November) that the International Monetary Fund could assist Europe's rescue fund, but left specifics to be dealt with in February.
Europe sighs relief after summit, but doubts linger
EU leaders' decisions taken early on Thursday (27 October) were greeted with widespread relief across Europe, but the summit outcome was tempered by worries on the complexity of the deal. The EURACTIV network reports from Europe's capitals.
Eurozone hopes rest on summit ‘bazooka’
European leaders achieved a breakthrough early today (27 October) to write off half of Greece's debt and seek foreign capital to double the eurozone's bailout fund to around €1 trillion. But crucial details on the fund's size were left for finance ministers to decide end of November.
EU chiefs to charm China on boosting bailout fund
Eurozone leaders meeting for a marathon summit agreed last night (26 October) on plans to leverage the Financial Stability Facility (EFSF) and create a "special investment vehicle" designed to lure investment from China, Brazil and Middle Eastern countries. A definitive agreement on the EFSF's full size will, however, not be finalised until late November.Euro zone crisis: Is the EU’s political suicide the only solution?
European leaders must be desperate to consider their main external partners, via the IMF, as the new solution to save the European economy. Should they accept this, they will enter world history as those who buried the European project and turned Europe into a second-rank actor, writes Maria Joao Rodrigues, a former Portuguese minister and adviser to the EU institutions.