EU setting up $620 bn rescue fund

摘要

9 July has been targeted as the start date for the European Union's permanent euro area rescue fund - the 500 billion ($620 billion) European Stability Mechanism. All the parliaments of the 17 nation currency union must ratify the fund before it becomes available. Until it receives 90% of its expected capital allotment, officials must turn to the temporary European Financial Stability Facility, a 440 billion euro fund with 240 billion euro available.