The current overall limit for lending by the European Stability Mechanism and European Financial Stability Facility will be raised to EUR 700 billion, the Eurogroup, which represents euro area finance ministers, said in a statement on Friday.
Presently, the ESM/EFSF lending ceiling is EUR 500 billion. This includes EUR 200 billion long term commitments by the temporary rescue fund EFSF. That leaves EUR 300 billion maximum lending volume for the permanent measure ESM.
After today's move, the maximum lending volume of ESM is envisaged at EUR 500 billion. The combined lending ceiling of the ESM and the EFSF will continue to be set at EUR 700 billion, the statement said.
All together the euro area is mobilizing an overall firewall of approximatelyEUR 800 billion, more than USD 1 trillion, it added. Further, Eurozone members have committed to provide EUR 150 billion additional bilateral contributions to the International Monetary Fund.
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