Re: W l'Italia...l'Italia che lavora (De Gregori) ¶
By: gianlini on Lunedì 02 Dicembre 2019 22:19
Sono andato sul sito della BBC per capire cosa è questo ESM. Questi due passaggi sono molto interessanti
What is the ESM?
The European Stability Mechanism is a European Union agency that provides financial assistance, in the form of loans, to eurozone countries or as new capital to banks in difficulty.
How does the ESM get the money?
It borrows in the financial markets, by selling bonds, the same method that governments use for most of their borrowing needs.
Is there a contribution from governments?
The financial foundation of the ESM is capital provided by the eurozone governments. They have committed in principle to a total of €700bn, although they have actually paid in just €80bn. The additional capital can be called in if it is needed.
The capital is NOT the money used for providing assistance. It absorbs any losses if countries receiving help fail to repay it. It provides a reassurance to investors in the financial markets that they can lend to the ESM (by buying its bonds) and be confident of being repaid. That confidence is vital for keeping the ESM's credit rating high and its borrowing costs low.
Last edited by: gianlini on Lunedì 02 Dicembre 2019 22:20, edited 1 time in total.