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ESM

The European Stability Mechanism (ESM) is an agency within the European Union that provides financial assistance to eurozone member states and banks. It is the successor to the European Financial Stability Facility.

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All Content on this topic

Women march with a pro-choice banner in San Salvador. : © Camilo Freedman/SOPA Images via ZUMA Press Wire

El Salvador jails woman accused of abortion for 30 years

Abortions are banned in El Salvador, and several women have been sentenced for apparent miscarriages.
Rule of LawMay 11, 2022
Paschal Donohoe speaks during the eurogroup meeting

Eurozone finance ministers agree on bailout fund reform

The long-awaited reforms come against the backdrop of the second wave of the COVID-19 pandemic.
PoliticsDecember 1, 2020
Belgien Brüssel Coronavirus European Union

The EU's €1 trillion coronavirus question

The EU has been scrambling to come up with a rescue plan, but despite huge figures being mentioned, uncertainty remains.
BusinessApril 28, 2020
Brussels Euro symbol outside EU parliament

Coronavirus: EU options to manage economic fallout

DW examines how the EU, Eurogroup and member states are planning to deal with the economic cost of the pandemic.
PoliticsApril 7, 2020
Parlamentswahlen in Griechenland

Under observation – Greece post-crisis

It survived the Eurozone's rescue package. But does Greece really have its affairs back under control?
BusinessJanuary 8, 201901:37 min
The Orion space craft is approaching the space station Deep Space Gateway

ESA hands over Orion service module to NASA

A central module of the new US spacecraft comes from Europe and was manufactured in Germany.
ScienceNovember 2, 2018
Angela Merkel and Horst Seehofer

France to Germany: Stop populism by making decisions

French Finance Minister Bruno Le Maire has said Europeans are running out of patience, and populists love EU indecision.
PoliticsOctober 4, 2018
external

Greek bailout no EU success story

After receiving more than €200 billion since 2010, Greece will no longer depend on EU emergency funding as of Aug 20. But Commerzbank Chief Economist Jörg Krämer says the Greek bailout saga is nothing to learn from.
BusinessAugust 17, 201802:56 min
Deutschland Geld Währung Euro in Flammen Symbolbild

Macron's eurozone reforms dismissed as 'high-risk'

A group of 154 German economists dismiss Macron's proposals as risky and warn of shared liabilities across the eurozone.
BusinessMay 22, 2018
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Europe builds service module for NASA

NASA is building the ORION space ship for a new moon mission. And the Europeans are making its service module ESM.
BusinessNovember 7, 201702:19 min
Flaggen Griechenland Europäische Union Athen

'Breakthrough' in Greece talks

Greece and its creditors have come to a compromise after showdown talks over a second bailout package in Malta.
BusinessApril 7, 2017
Money for Greece

Greece to get fresh money

Eurozone finance ministers have approved part of a new bailout tranche for Greece.
BusinessOctober 10, 2016
Griechenland Generalstreik Hafen von Piräus

Piraeus port shareholders approve sale

A buy-out of Greece's biggest port by Chinese shipping giant COSCO is closer to completion, defying fierce protest.
June 10, 2016

Greece ready for next loan tranche

Athens will receive the next tranche of loans after its government agreed to implement reforms.
November 21, 2015
ESM chief Klaus Regling

ESM chief smiles on Greece

Klaus Regling, head of the European bailout fund ESM, is upbeat about Greece.
August 27, 2015
Madrid Spanien Unterhaus Debatte

Spain, Estonia and Austria approve third Greek bailout

Lawmakers in Spain, Estonia and Austria have approved a third Greek bailout. Germany's parliament votes on Wednesday.
August 18, 2015
Bernd Riegert

No reason to celebrate

Bernd Riegert
More money for Greece, but will the government spend it wisely? DW’s Bernd Riegert doesn’t think so.
August 11, 2015

Creditors back in Greece

Representatives of Greece's main creditors have started talks in Athens on a third bailout package for the country.
July 27, 2015
Sabine Kinkartz

Passionate hearts, cool heads

Sabine Kinkartz
German lawmakers want to help, but no one is ready to charge into the breach for Greece, says DW's Sabine Kinkartz.
July 17, 2015
Empty pockets

Athens' funding challenge

Greece's new finance minister has less than two weeks to find billions of euros needed to repay a tranche of ECB debt.
July 9, 2015
A Greek flag with a statue's hand in the foreground. (Photo: REUTERS/Yannis Behrakis)

Final countdown

For Greece, there are only 12 days left to come to an agreement with creditors. The next round starts in Luxembourg.
June 18, 2015
Greek flag

Greece runs out of cash

A senior EU official has said Greece will not be able to do without foreign financial aid next year either. He said the crisis-hit country would not be allowed to exit its current rescue program at short notice.
November 3, 2014
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BusinessMarch 19, 201401:40 min
Germany's Supreme Court

German court rules ESM legal

Germany's Constitutional Court has ruled that the European Union's permanent bailout fund does not run afoul of Germany's Basic Law. The judges found parliament had sufficient powers to control national liabilities.
March 18, 2014

Bailout ruling

The ruling of Germany's Federal Constitutional Court on the ESM bailout fund is highly anticipated.
March 18, 2014
Deutsche Welle Bernd Riegert

Opinion: Banking union

The banking union should protect taxpayers. DW's Bernd Riegert asks: Can it?
December 19, 2013
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EU ministers agree banking accord

December 19, 201301:37 min
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Ireland exits ESM

Dublin has exited the euro bailout. Gerhard Elfers reports from the Irish capital on the national mood.
December 15, 201301:48 min
Euro coin on an EU flag Photo: Oliver Berg/dpa +++(c) dpa - Bildfunk+++

Cyprus economy in focus again

International auditors forming the so-called troika have gone back to Cyprus to get detailed information about the progress of economic reforms there. The eurozone nation needs to qualify for the next bailout tranche.
October 29, 2013
European Union Commissioner for Internal Market and Services Michel Barnier REUTERS/Francois Lenoir

Banking resolution compromise?

The EU's commissioner responsible for internal market affairs has said he could imagine the bloc's permanent rescue fund (ESM) as the agency for resolving bankrupt lenders. It would be part of a banking union scheme.
October 9, 2013
epa03865605 Lithuanian Minister of Finance Rimantas Sadzius (R) welcomes Slovenian Minister of Finance Uros Cufer during an informal meeting of European Union Finance Ministers in Vilnius, Lithuania, 13 September 2013. EPA/VALDA KALNINA LATVIA OUT/LITHUANIA OUT/ESTONIA OUT

No thanks!

Slovenia continues to turn down billions in EU banking aid insisting it can make it without.
September 14, 2013
Euro coin on an EU flag Photo: Oliver Berg/dpa

Ireland asks for safety net

Ireland says it is hoping for a precautionary line of credit from the EU which it intends to use as a confidence-boosting measure for investors. The government will withdraw from an international bailout this year.
September 6, 2013
Greek Finance Minister Yannis Stournaras speaks during a press conference at the Finance Ministry in Athens, Greece, 28 November 2012. Greek Prime Minister Antonis Samaras expressed satisfaction with the recent Eurogroup decisions on Greece and the climate, vis-a-vis Greece, that has emerged abroad, and stressed that the priority now was on changing the climate at home and for relief of the social groups that are hardest hit by the crisis, while addressing a Cabinet meeting. EPA/SIMELA PANTZARTZI +++(c) dpa - Bildfunk+++

Athens seeks to calm creditors

Greece's Finance Minister has said any talk about the need for another debt haircut in his country was unfounded. He went as far as to say that with a bit of adapting Athens might even do without another bailout.
August 26, 2013
epa03752965 German Minister of Finance Wolfgang Schaeuble adresses the media prior the Luxembourg EU Eurogroup Finance Ministers Meeting at the EU Headquarters in Luxembourg, 20 June 2013. The eurozone 17 finance ministers are to meet in Luxembourg to discuss Europe's financial situation. EPA/NICOLAS BOUVY +++(c) dpa - Bildfunk+++

EU agrees on bank bailouts

EU finance ministers have agreed to basic guidelines, governing when the eurozone's permanent bailout fund can step in to rescue failed banks. Before, the fund could directly finance governments only.
June 21, 2013
Ferdinand Kirchhof, a judge at Germany's constitutional court (photo: Uli Deck/dpa)

Beyond the mandate?

Should the European Central Bank (ECB) be allowed to buy government bonds?
June 13, 2013
German Finance Minister Wolfgang Schäuble awaits the beginning of a controversial case on the ECB's bond-buying scheme. Foto: Daniel Maurer/dpa

German government defends ECB

German Chancellor Angela Merkel and her finance minister, Wolfgang Schäuble, have defended the ECB's sovereign bond-buying policy. The comments came after the federal court began proceedings on the program's legality.
June 12, 2013
The red-and-white robes of three judges (Photo: Uli Deck/dpa)

Bundesbank vs. ECB

Germany's Federal Constitutional Court to rule on ECB bond purchases.
June 11, 2013
Protesters take part in a protest against corruption in political class in Ljubljana (photo: Makovec/AFP/Getty Images)

Slovenia's slow fall

Slovenian politicians don't yet have a way out of their banking crisis - and don't have much time.
May 11, 2013
Life preserver and umbrella as symbol Foto: Patrick Pleul +++(c) dpa - Bildfunk+++

Where has all the money gone?

Five eurozone states have loans for half a trillion euros. Who pays what and who gets the cash?
May 8, 2013
People walk past a large, blue political billboard that shows smiling people on it (Photo: no info)

Cyprus votes

Cyprus' presidential election is a vote on which party will help the country avoid bankruptcy.
February 17, 2013
EU Euro Wahrung Logo ESM. http://www.efsf.europa.eu/attachments/fi/esm_investor_presentation.pdf

Successful ESM bond auction

The eurozone's new permanent bailout fund has successfully started a bond-selling program to secure more resources for potential payouts to crisis-stricken nations. The first auction has attracted strong demand.
January 8, 2013
Spanish 1 euro coin, placed under an umbrella

Germany vs. ESM?

Germany has a mixed reputation regarding its efforts to save the euro. A look behind the scenes.
December 26, 2012
A row of folded euro banknotes Tatjana Balzer - Fotolia 44966116

Still waiting...

A central EU banking regulation is coming, but only for 150 banks and not until 2014.
December 13, 2012

EU Oks more aid to Greece

The eurozone finance ministers have given the green light to disbursing the next installment in the Greek aid package, ending weeks of discussions. The money will help Greece stay afloat into next year.
December 13, 2012
ESM chief Klausd Regling next to a white euro sign Photo: Ahmad Yusni dpa (zu dpa 0199 vom 24.11.2010) +++(c) dpa - Bildfunk+++

Italy, stay the course!

The head of the eurozone's permanent rescue fund has warned against an escalation of the sovereign debt crisis on the continent. He has urged Italy to stick to its austerity course amid political turbulences.
December 10, 2012
A Spanish euro coin under an umbrella symbolizing the eurozone's ESM rescue fund

ESM's operability test

The euro area's new permanent rescue fund has issued bonds for a number of ailing Spanish banks in a first test of its operability. The resources will be required for large-scale recapitalization programs.
December 5, 2012
Spanische Ein-Euro-Münze unter dem EU-Rettungsschirm, Symbolfoto

Spanish banks tap ESM

Hours after making a request to finance ministers to receive funds from the European Stability Mechanism to prop up its banking sector, Spain has gotten approval. The money is expected next week.
December 3, 2012
Moody's logo

Moody's downgrades ESM, EFSF

The credit rating agency Moody’s has downgraded two of the eurozone’s bailout funds. This comes just days after it cut the credit rating for France, one of the main contributors to the ESM and EFSF.
December 1, 2012
The Bankia logo is displayed at the Kio Towers, headquarters of Bankia in Plaza de Castilla

Spanish banks set for aid

The European Union executive branch has endorsed the restructuring schemes of four Spanish banks waiting for the release of bailout funds. But Banco de Valencia has to be sold immediately for a symbolic price.
November 28, 2012
Green light for the Euro in Germany's financial stronghold of Frankfurt 13 November. The looming changeover to euro banknotes and coins across the 12-nation euro zone on January 1, 2002, has left US investors uninspired and blase, expecting the event to have little impact on the curency's fundamentals. US analysts said there may be potential for some temporary disruption in economic activity in the euro area related to the switchover, which could hit the euro's foreign exchange value, but this would be unlikely to last beyond a few days. dpa

Court green-lights ESM fund

The EU's top court has ruled that the permanent bailout fund created earlier this year does did not violate EU law. An Irish parliamentarian had questioned the legality of creating the European Stability Mechanism (ESM).
November 27, 2012