Luxembourg, 20/06/2011 (Agence Europe) - On Monday 20 June, the finance ministers of the eurozone and of the EU put the finishing touches to the legal texts modifying the intergovernmental EFSF facility and instituting the European Stability Mechanism (ESM). The ESM will replace the EFSF in mid-June 2013. The ministers must now launch the national procedures to ratify these texts.
The EFSF facility, which was used to support Ireland and Portugal, will see its effective loan capacity raised...