Markets jittery as ESM hits road bumps

Ireland needs the ESM, but legal challenges threaten its introduction, writes Gavin Barrett.

14th July, 2012

For the eurozone, straining to regain market confidence, last week brought complications. The take-off of the European Stability Mechanism, the eurozone's future permanent lender for troubled member states has been delayed.

The ESM, based on an international treaty signed on February 2 by all 17 eurozone states (including Ireland), will enter into force when ratified by states subscribing 90 per cent of its capital (Ireland contributes 1.6 per cent). The eurozone states had intended this...

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