The now-officially launched European Stability Mechanism (ESM) is assigned a AAA rating at Fitch. Among the positives is the ESM gets paid first, i.e., a "preferred creditor status." Also, the ESM's €500B in lending capacity is backed by €700B of callable capital (about €230B of which comes from Spain and Italy). The circle is complete.
The now-officially launched European Stability Mechanism (ESM) is assigned a AAA rating at...
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