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Euro-zone finance ministers meeting in Brussels on Monday made progress toward establishing a permanent rescue fund, the European Stability Mechanism, which will have an effective lending capacity of 500 billion euros and replace the temporary European Financial Stability Facility.
Hot Feature: Finance Ministers Reject Private Bondholders’ Greek Debt Offer
Ministers were able to complete most of the details of the permanent fund, which should be “in place and operational” by July, said Olli Rehn, the European Union’s commissioner for economic and monetary affairs. Member states must still ratify the agreement.
Ministers cleared a major obstacle Monday night when they found a way to ease Finland’s concern that it would incur additional liabilities without first giving consent.
International Monetary Fund Director Christine Lagarde also suggested on Monday that the 440 billion-euro EFSF, a temporary bailout fund established in 2010…
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