Press Release: EFSM revised to shield non-euro area countries from risk

On 4 August 2015, the Council of the EU approved a regulation amending the European Financial Stabilisation Mechanism (EFSM) in order to protect non-euro area member states from any risk arising from financial assistance given to a euro area country.

This principle was endorsed on 17 July 2015 by a joint statement of the European Commission and the Council. It was agreed along with a decision to grant €7.16bn in short term financial assistance to Greece under the EFSM.

ESO: Background information: Dombrovskis: EFSM is 'best possible' solution for Greece. Greece debt crisis: ECB raises funding for Greek banks http://www.europeansources.info/record/dombrovskis-efsm-is-best-possible-solution-for-greece-greece-debt-crisis-ecb-raises-funding-for-greek-banks/

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