EFSF's Frankel: guarantees are "enough for the time being"

European leaders endorse EFSF model, as facility gears up for debut issuance of up to €5 billion


The eurozone moved closer to creating a permanent lender of last resort for eurozone states last night, when the Council of the European Union agreed to add two sentences to the Treaty of Lisbon. The addition states that eurozone countries may activate the European Stability Mechanism (ESM) - to be based on the current European Financial Stabilisation Facility (EFSF) - if "indispensable to safeguard the stability of the euro area as a whole".

In remarks to the press, the council's president

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