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Topic - European Financial Stability Facility
The European Financial Stability Facility (EFSF) is a special purpose vehicle agreed by the 27 member states of the European Union on 9 May 2010, aiming at preserving financial stability in Europe by providing financial assistance to eurozone states in economic difficulty. The Facility is headquartered in Luxembourg City, and the European Investment Bank provides treasury management services and administrative support to it through a service level contract. - Source: Wikipedia
The economy continues to drag, and policymakers refuse to do what it takes to restore prosperity. The official unemployment number climbed to 8.3 percent, and the broadest measure of joblessness, known as the U6, increased to 15 percent for July. Economic growth is stalled at 1.5 percent.
The German and Italian leaders issued a new pledge to protect the eurozone, while the influential eurogroup chairman was quoted Sunday as saying that officials have no time to lose and will decide in the coming days what measures to take.
The International Monetary Fund chief called for a "rebalancing" of the global economy that will involve a worldwide safety net similar to the reserve fund that European institutions have created to bail out debt-ridden members.
Standard and Poor's (S&P) downgraded the credit rating of France and eight other eurozone countries on Friday. The ratings agency also stripped the AAA rating from the European Financial Stability Fund (EFSF), which supports indebted countries, leaving Germany as the only large European Union nation boasting a AAA score from all three major credit-rating agencies.
The rating agency Standard & Poor's said Monday it has downgraded the creditworthiness of the eurozone's rescue fund by one notch to AA+, putting at risk the fund's ability to raise cheap bailout money.
Credit-rating agencies are taking a hard look at European Union countries and don't like what they see. Many of those nations won't enjoy a happy new year after their credit is downgraded. This will throw all of Europe into a financial tailspin.
The European debt crisis has exposed a great divide between economic powerhouses such as Germany and poorer neighbors such as Greece, currently sinking in a sea of debt.
A late afternoon slide pulled stock indexes lower after the Federal Reserve held off on any new steps to boost the economy. The Fed cautioned that strains in global financial markets still pose a danger, a nod to Europe's debt crisis.
The markets advanced and then retreated in anticipation of Friday's summit of European leaders that's supposed to come up with a solution to the now two-year-old debt crisis on the continent. It's doubtful any hard decisions will be made or that credible solutions will emerge from this latest gabfest.
There's no end in sight for Europe's debt crisis - unless it is the end of the euro itself. The finance ministers of the 17 eurozone countries are meeting in Brussels this week, desperate to come up with a solution as Italy heads toward financial chaos. The world's central banks, spearheaded by the Federal Reserve, are coordinating efforts to provide liquidity to global markets.
Eurozone finance ministers on Tuesday averted an imminent disaster in Greece by approving the next installment of the country's bailout loan — 8 billion euros ($10.7 billion).
Is China now emerging as banker to the rest of the world? The United States owes China $1.3 trillion - out of a total U.S. public debt load of $14.1 trillion. The U.S. also owes almost $1 trillion to Japan.
Sales of new homes rose in September after four straight monthly declines, largely because builders cut their prices.
Europe closed in on a broad agreement Sunday to tackle the euro crisis and pressed Italy to slash its debt mountain in order to reassure jittery financial markets.
True to form, European leaders on Sunday put off the tough decisions needed to save the Continent from its debt crisis but promised that a comprehensive plan still is coming.