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comment by OftenBen
OftenBen  ·  2668 days ago  ·  link  ·    ·  parent  ·  post: Italy could ask EU for €15bn bailout to save its struggling banks

Where would that money come from?





user-inactivated  ·  2668 days ago  ·  link  ·  

European Stability Mechanism

    The European Stability Mechanism (ESM) is an intergovernmental organization located in Luxembourg City, which operates under public international law for all eurozone Member States having ratified a special ESM intergovernmental treaty. It was established on 27 September 2012 as a permanent firewall for the eurozone, to safeguard and provide instant access to financial assistance programmes for member states of the eurozone in financial difficulty, with a maximum lending capacity of €500 billion.

edit

Sorry for being terse, 'bout to leave for work.

OftenBen  ·  2668 days ago  ·  link  ·  

Italy is the third biggest contributor to its operating funds and they are taking out a loan essentially from France, Germany, and themselves?

Seems masturbatory somehow.