European Financial Stability Facility (EFSF)
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To help solve Europe’s sovereign debt crisis, a special organization was set up in 2010 called the European Financial Stability Facility, or EFSF<\/strong>. So what is it and how does it work?<\/p>\n
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What is the EFSF<\/strong>?<\/p>\n
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Basically, the EFSF functions like a bank to provide loans to euro zone members who have economic difficulties.<\/p>\n
The euro zone includes the 17 countries and states that use the euro as its currency. They are:<\/p>\n
Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, Netherlands, Portugal, Slovakia, Slovenia, and Spain.<\/p>\n
The EFSF<\/strong> was formed in May of 2010, emerging out of the debt crisis sweeping through countries such as Ireland, as we’ll see later. It’s headquartered in Luxembourg City and has a CEO, a board of directors, and a staff of about 12 people. The EFSF receives administrative help from the European Investment Bank.<\/p><\/blockquote>\n