Brussels, 13/09/2011 (Agence Europe) - The European Financial Stability Mechanism (EFSM) managed by the European Commission will be raising funds next week for Portugal, explained the Commission in a press release. The EFSM will borrow between €7 bn and €10 bn over a five to fifteen year period in two separate deals. The first will comprise ten year bonds (maturing therefore in September 2021). The EFSF eurozone bailout fund is not planning to raise funding until all the eurozone countries have endorsed the planned changes to the EFSF's modus operandi.
In 2011, the EFSM and EFSF will borrow between €10 bn and €13 bn to help Ireland and Portugal. To date, the two member states have been provided with €27 bn of funding, €18 bn from the EFSM and €9 bn from the EFSF. The IMF has also provided loans (half the amount provided by Europe). (M.B./transl.fl)