A glance at Europe's bailout funds

AP News
Posted: Jul 30, 2012 11:30 AM
A glance at Europe's bailout funds

FRANKFURT, Germany (AP) — All eyes are on Mario Draghi to see what the European Central Bank can deliver to help save the European single currency.

The pressure is on Europe's monetary authority and its president because the other main rescue funds available to the 17 euro countries remedies have limited firepower.

Here is a glance at what other assistance is available to the eurozone:

—The eurozone governments have already managed to bail out small countries — Greece, Ireland and Portugal. But governments across the eurozone, their deficits swollen by the crisis, are short of money for further bailouts.

—The current bailout fund, the European Financial Stability Facility, has some €440 billion in lending power, but most of that is already committed to bailouts for Greece, Ireland and Portugal.

—The European Stability Mechanism — the new permanent fund — would have some €500 billion, but has yet to be ratified by eurozone member countries and will not come on line before a Sept. 12 court decision in Germany at the earliest. And €100 billion of that is already committed to rescuing Spanish banks from collapsing due to bad real estate loans.