Bloomberg News

EU Official Says EFSF Capacity May Be Determined by End November

October 26, 2011

Oct. 26 (Bloomberg) -- European Union leaders may ask national finance ministers to determine the capacity of the expanded European Financial Stability Facility by the end of November, an EU official said.

The leaders meet in Brussels later today and will back two EFSF leveraging options set out last week, the official said on condition of anonymity because the meeting hasn’t taken place yet.

The capacity of the euro area’s temporary bailout fund depends on the extend of bondholder participation in a second Greek rescue package and the size of that program, the official said.

The EFSF will probably have between 250 billion euros and 275 billion euros left after the second Greek package is completed, so any leveraging would be based on that amount, the official said.

To contact the editor responsible for this story: Patrick Henry at phenry8@bloomberg.net


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