{"id":4536,"date":"2020-03-27T13:20:20","date_gmt":"2020-03-27T13:20:20","guid":{"rendered":""},"modified":"2020-03-27T13:20:20","modified_gmt":"2020-03-27T13:20:20","slug":"commission-will-consider-permanent-rescue-mechanism","status":"publish","type":"post","link":"https:\/\/googmn.com\/?p=4536","title":{"rendered":"Commission will consider permanent rescue mechanism"},"content":{"rendered":"<figure class=\"art\"><\/figure>\n<header>\n<h1>Commission will consider permanent rescue mechanism<\/h1>\n<p class=\"subhead\">Olli Rehn says idea of permanent rescue fund for eurozone countries will be revisited.<\/p>\n<\/header>\n<footer class=\"meta\">\n<p class=\"byline\">European Voice<\/p>\n<\/footer>\n<footer class=\"meta\">\n<p>\n\t\t\tBy\t\t\t<span class=\"byline\"><br \/>\n\t\t\t\t<span class=\"vcard\">Tim King<\/span>\t\t\t<\/span>\n\t\t<\/p>\n<p class=\"timestamp\">9\/23\/10, 7:55 AM CET<\/p>\n<p class=\"updated\">Updated 4\/12\/14, 8:06 PM CET<\/p>\n<\/footer>\n<p>Olli Rehn, the European commissioner for economic and monetary affairs, wants to revisit the issue of whether the EU should have a permanent mechanism to help countries that encounter a sovereign debt crisis.<\/p>\n<p>&nbsp;<\/p>\n<p>Earlier this year, the countries of the eurozone put in place a temporary mechanism, the European Financial Stability Facility, that can provide up&nbsp;to \u20ac440 billion in emergency loans to eurozone governments. But the shelf-life of the EFSF is limited to three years. The EU had already put in place a specific mechanism for Greece, worth \u20ac110bn, funded both by eurozone countries and the International Monetary Fund. <\/p>\n<p>But the idea of a permanent crisis mechanism has so far been a step too far for some countries, particularly Germany. Some perceive it as breaching the EU rule that there can be no bail-out for eurozone countries.<\/p>\n<p>But speaking at a conference on the euro organised in Berlin by The Economist Group, Rehn said that the European Commission would return to the idea of a permanent mechanism \u201cin the course of next year\u201d and would \u201cpossibly make a proposal\u201d. He said the proposal would follow an analysis of the experience of the Greek loan facility and the EFSF.<\/p>\n<p>Asked about the existing opposition to the idea, he said the Commission should continue \u201cstrong and creative\u201d discussions.<\/p>\n<p>George Papaconstantinou, Greece\u2019s finance minister, said at the same conference that \u201cad hoc solutions are OK, but they are second best\u201d. <\/p>\n<p>\u201cThe crisis screams out for a solid reworking of the institutional architecture,\u201d he said.<BR><\/p>\n<\/p>\n<footer class=\"content-credits\">\n<h6>Authors:<\/h6>\n<dl class=\"vcard\">\n<dt class=\"credits-author\"><span class=\"vcard\">Tim King<\/span>&nbsp;<\/dt>\n<\/dl>\n<\/footer>\n","protected":false},"excerpt":{"rendered":"<p>Commission will consider permanent rescue mechanism Olli Rehn says idea of permanent rescue fund for eurozone countries will be revisited. European Voice By Tim King 9\/23\/10, 7:55 AM CET Updated 4\/12\/14, 8:06 PM CET Olli Rehn, the European commissioner for economic and monetary affairs, wants to revisit the issue of whether the EU should have&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-4536","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/googmn.com\/index.php?rest_route=\/wp\/v2\/posts\/4536","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/googmn.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/googmn.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/googmn.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/googmn.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4536"}],"version-history":[{"count":0,"href":"https:\/\/googmn.com\/index.php?rest_route=\/wp\/v2\/posts\/4536\/revisions"}],"wp:attachment":[{"href":"https:\/\/googmn.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4536"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/googmn.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4536"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/googmn.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4536"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}