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European Stability Mechanism
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European Stability Mechanism
The
European Stability Mechanism
(
ESM
) is an
intergovernmental organization
located in
Luxembourg City
, which operate under
public international law
for all
eurozone Member States
having ratified a special
ESM intergovernmental treaty
. It was established on 27 September 2012 as a permanent firewall for the
eurozone
, to safeguard and provide instant access to financial assistance programmes for member states of the eurozone in financial difficulty, with a maximum lending capacity of €500 billion.
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