It was officially born Esm (European Stability Mechanism), the new fund saves permanent states of Europe. The baptism will be officiated by the Eurogroup meeting to be held today in Luxembourg.
The rescue mechanism will then become operational, but the first 32 billion euros of capitalization will arrive at the end of October and will guarantee a total fire capacity of 200 billion euros. Another 32 billion will arrive in 2013, while for the last 16 billion it will be necessary to wait until 2014, when the Fund will have a total capacity of 500 billion euros.
The first part of this budget will be used entirely for additional support interventions (Greece and Spain will probably be the first two states to benefit from it), in addition to the 192 billion already being disbursed to Greece, Ireland and Portugal by the EFSF, the old bailout fund, which will be replaced by the ESM.
