Eurozone firewall inaugurated as bailouts loom


Finance ministers from the 17 eurozone countries today (October 8) inaugurated the European Stability Mechanism (ESM), the institution set up to provide bailouts to struggling eurozone members.

"The euro area is now equipped with a permanent and effective firewall, which is a crucial component in our comprehensive strategy to ensure financial stability in the euro area," said Jean-Claude Juncker, the president of the Eurogroup.

The ESM has the ability to loan up to €500 billion ($649 billion)

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