Grilli Says Europe’s Bailout Power Adequate Even With ESM Delay

Italian Finance Minister Vittorio Grilli said Europe has sufficient resources to rescue troubled nations amid delays to the activation of the area’s new bailout fund.

Even though the European Stability Mechanism “isn’t operational already by this July, I don’t believe there is reason to worry,” Grilli said today in testimony before the Foreign Affairs, Budget and European Affairs committees of the parliament’s lower house in Rome. In the meantime, the European Financial Stability Facility, the area’s existing bailout program, is available, Grilli said.

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