Bloomberg News

EFSF Upgrade Approval Progress by Euro-Region Countries

September 30, 2011

Sept. 30 (Bloomberg) -- Following is a table detailing each euro nation’s progress in approving expanded powers for the region’s rescue fund, the European Financial Stability Facility.

Austria today became the 14th country to authorize the expanded powers for the fund, joining Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Portugal, Slovenia and Spain. The countries yet to ratify the changes are Malta and the Netherlands, which are due to vote next week, and Slovakia, which is expected to vote by Oct. 17.

The enhanced powers of the 440 billion-euro ($595 billion) EFSF, which were approved at a July 21 meeting of European leaders in Brussels, take effect when all euro-area countries have ratified them. The measures would allow the rescue fund to buy the debt of stressed euro-area nations, aid troubled banks in the region and offer credit lines to governments. The EFSF’s current role is to sell bonds to finance rescue loans.

--With assistance from Giovanni Salzano in Rome. Editor: Andrew Davis

To contact the reporter on this story: Jeffrey Donovan at jdonovan26@bloomberg.net

To contact the editor responsible for this story: Craig Stirling at cstirling1@bloomberg.net


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