EFSF gets go-ahead for collateral enhancement facility

jean-claude-juncker

Jean-Claude Juncker, the president of the Eurogroup, on March 1 announced the authorisation for the European Financial Stability Facility (EFSF) to implement the Eurosystem collateral enhancement facility.

The news comes two days after the European Central Bank was forced to temporarily suspend the eligibility of Greek bonds for use as collateral in eurosystem monetary policy operations, following a downgrade of the sovereign's credit rating to selective default.

Juncker said the Eurogroup "welc

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