Firm action needed to deal with financially troubled eurozone

Europe needs to act


Demand for the inaugural €5 billion ($6.9 billion) tranche of European financial stability facility (EFSF) bonds – instruments issued to help financially troubled euro member state Ireland (which gets €3.3 billion of the money) meet its debt obligations – was higher than many market participants expected. That happened in part due to strong commitments from Asia, including the Japanese government snapping up at least 20% of the EFSF issue on January 25.

More than 500 investors committed €44.5 bi