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  • 8/3/2019 ESM European Stability Mechanism

    1/1497

    HNCJ`f{ab| Cxbbh{lf

    Mxb| 3577

    GS[LNBH^

    [ah Hxs`uhgf^{gclbl{| Jhnagfl~j

    [AH HXS@UHGF ^[GCLBL[\ JHNAGFL^J

    [ah ib`cgbfgfnlgb nsl~l~ ag~ hqu`~hk jgm`s yhgofh~~h~ lf {ah kh~lif gfk ljubhjhf{g{l`f

    `d {ah hql~{lfi hn`f`jln i`thsfgfnh dsgjhy`so `d {ah HX" gfk `d {ah hxs` gshg lf ugs{lnxbgs&

    [ah~ngb sxbh~ !bglk k`yf lf {ah ^{gclbl{| gfk Is`y{a Ugn{, agth chhf yhgohfhk `ths {ljh" gfk

    us`nhkxsh~ gfk jhg~xsh~ ux{ lf ubgnh {` hfd`snh hn`f`jln u`bln| n``sklfg{l`f agth f`{ chhf

    ljubhjhf{hk& [ah Hxs`uhgf N`xfnlb `d 3;*38 Jgsna 3577 gk`u{hk g n`jushahf~lth ugnogih `d

    jhg~xsh~ {` sh~u`fk {` {ah `fi`lfi nsl~l~" g~ yhbb g~ {` ixgsk giglf~{ ~xna nsl~h~ jg{hslgbl~lfi

    lf {ah dx{xsh& [ah jglf dhg{xsh~ `d {al~ ugnogih shbg{h {` {ah ~{shfi{ahflfi `d {ah ushthf{lth gfk

    n`sshn{lth jhnagfl~j~ {` gkksh~~ lf{hsfgb gfk hq{hsfgb ljcgbgfnh~" lf ugs{lnxbgs~ngb ljcgbgfnh~

    gfk n`juh{l{lthfh~~ us`cbhj~ `d lfkltlkxgb Jhjchs ^{g{h~" yhbb chd`sh {ah| jlia{ u`~h ~|~{hjln

    {ashg{~& Lf gkkl{l`f" {ah ugnogih lfnbxkh~ {ah h~{gcbl~ajhf{ `d g uhsjgfhf{ nsl~l~ jgfgihjhf{

    jhnagfl~j g~ gf xb{ljg sg{l` ~gdhixgsk giglf~{ ljcgbgfnh~ lf lfkltlkxgb n`xf{slh~& L{ l~ d`sh~hhf

    {ag{ {ah fhy Hxs`uhgf ^{gclbl{| Jhnagfl~j !H^J, ylbb hf{hs lf{` d`snh `f 7 Mxb| 357>" d`bb`ylfi

    gf gjhfkjhf{ {` {ah [shg{| f {ah Dxfn{l`flfi d {ah Hxs`uhgf Xfl`f !{ah [shg{|, gfk {ah ~liflfi

    `d gf H^J [shg{| c| {ah hxs` gshg n`xf{slh~& [al~ gs{lnbh `x{blfh~ {ah xfkhsb|lfi sg{l`fgbh d`s {ah

    h~{gcbl~ajhf{ `d {ah H^J gfk b``o~ g{ l{~ ~gblhf{ dhg{xsh~&7

    Ds`j {ah HNC~ uhs~uhn{lth" l{ l~ nsxnlgb {ag{ {ah hql~{hfnh" kh~lif gfk gn{ltl{lh~ `d {ah

    H^J k` f`{ nshg{h j`sgb ag}gsk" cx{ sg{ahs ~{shfi{ahf {ah lfnhf{lth~ d`s usxkhf{ ~ngb gfk

    hn`f`jln u`blnlh~ lf gbb hxs` gshg n`xf{slh~& D`s {al~ shg~`f" l{ l~ h~~hf{lgb {ag{ gf|fgfnlgb

    g~~l~{gfnh ylbb ch ~xcmhn{ {` ths| ~{sln{ jgns`hn`f`jln u`bln| n`fkl{l`fgbl{| gfk ch isgf{hk `f

    f`f*n`fnh~~l`fgb {hsj~& Dlfgfnlgb g~~l~{gfnh jx~{ f`{ gn{ g~ g~ngb {sgf~dhs" cx{ `fb| g~ g blwxlkl{|

    cslkih {ag{ gbb`y~ hxs` gshg n`xf{slh~ lf kl~{sh~~ {` cx| {ljh {` {goh {ah fhnh~~gs| jhg~xsh~ {`sh~{`sh~ngb ~x~{glfgclbl{| gfk n`juh{l{lthfh~~ lf {ah jhklxj {hsj& [ah H^J y`xbk ch gn{ltg{hk

    ld lfkl~uhf~gcbh {` ~gdhixgskfgfnlgb ~{gclbl{| lf {ah hxs` gshg g~ g ya`bh& L{ l~ {ahshd`sh `d {ah

    x{j`~{ lju`s{gfnh {ag{ {ah sgfih `d jhg~xsh~ d`nx~lfi `f nsl~l~ ushthf{l`f gfk u`bln| ~xsthlbbgfnh

    gsh yhbb*kh~lifhk gfk ljubhjhf{hk lf dxbb ~` g~ {` gt`lk {ah fhhk {` x~h {ah H^J&

    7 YA\ L^ G UHSJGFHF[ NSL^L^ JGFGIHJHF[

    JHNAGFL^J AHBUDXB0

    [ah lf~{l{x{l`fgb dsgjhy`so `d Hn`f`jln gfk

    J`fh{gs| Xfl`f !HJX, l~ xflwxh&3 HJX l~ g

    j`fh{gs| xfl`f yl{a`x{ g dxbb|ffi

    hkihk u`bl{lngbxfl`f& L{ l~ nagsgn{hsl~hk c| g ~lfibh j`fh{gs|

    u`bln| ~h{ g{ ~xusgfg{l`fgb bhthb !l&h& {ah

    hxs` gshg," g n`jj`f jgsoh{" gfk bgsihb|

    khnhf{sgbl~hk ~ngb u`blnlh~" yalna shjglf

    yl{alf {ah gshg `d n`juh{hfnh `d {ah lfkltlkxgb

    HX Jhjchs ^{g{h~ cx{ yalna gsh ~xcmhn{ {`

    sxbh~*cg~hk n``sklfg{l`f us`nhkxsh~" ~xna g~ {ah

    ^{gclbl{| gfk Is`y{a Ugn{&

    [ah ~j``{a dxfn{l`flfi `d HJX shwxlsh~ {ag{

    fg{l`fgb i`thsfjhf{~ hf~xsh {ah ~x~{glfgclbl{| `d

    {ahls `yf uxcbln fgfnh~" {ah n`juh{l{lthfh~~ `d{ahls fg{l`fgb hn`f`jlh~ gfk {ah ~{gclbl{| d {ahls

    fgfnlgb ~|~{hj~& Dglbxsh {` jhh{ `fh `s j`sh

    `d {ah~h n`fkl{l`f~ `ths g ~x~{glfhk uhsl`k `d

    {ljh shkxnh~ {ah fh{ chfh{~ `d HJX gfk u`~h~

    {ah sl~o `d gkths~h ns`~~*n`xf{s| ~ulbb`ths~&

    [ah [shg{| n`f{glf~ {y` oh| us`tl~l`f~ gljhk

    g{ gt`lklfi hqnh~~lth khc{ gnnxjxbg{l`f g{ {ah

    fg{l`fgb bhthb gfk us`{hn{lfi {ah lfkhuhfkhfnh

    `d {ah HNC= {ah f`*cglb`x{ nbgx~h !Gs{lnbh 738,gfk {ah j`fh{gs| fgfnlfi us`alcl{l`f

    !Gs{lnbh 73>,& [ah~h us`tl~l`f~ ushnbxkh

    {sgf~dhs~ gfk j`fh{l~g{l`f `d i`thsfjhf{ khc{

    lf {ah hthf{ `d g khc{ nsl~l~ lf g Jhjchs ^{g{h&

    [ah| ylbb shjglf n`sfhs~{`fh~ gd{hs {ah shd`sj

    `d HX hn`f`jln i`thsfgfnh&

    G{ {ah {ljh `d ysl{lfi" {ah [shg{| h~{gcbl~alfi {ah Hxs`uhgf7

    ^{gclbl{| Jhnagfl~j !H^J [shg{|, l~ ~{lbb lf {ah us`nh~~ `d

    fgbl~g{l`f&

    D`s g j`sh kh{glbhk kl~nx~~l`f d {ah lf~{l{x{l`fgb gssgfihjhf{~"3

    ~hh {ah gs{lnbh hf{l{bhk @fh j`fh{gs| u`bln| gfk jgf|~ngb u`blnlh~= hf~xslfi g ~j``{a dxfn{l`flfi `d HJX"

    J`f{ab| Cxbbh{lf" HNC" Mxb| 3551 gfk {ah gs{lnbh hf{l{bhk

    [ah shbg{l`f~alu ch{yhhf j`fh{gs| u`bln| gfk ~ngb u`blnlh~ lf

    {ah hxs` gshg" J`f{ab| Cxbbh{lf" HNC" Dhcsxgs| 355>&

  • 8/3/2019 ESM European Stability Mechanism

    2/14

    93HNCJ`f{ab| Cxbbh{lfMxb| 3577

    G{ {ah ~gjh {ljh" {ah fgfnlgb nsl~l~ ag~

    shthgbhk jgm`s yhgofh~~h~ gfk igu~ lf {ah

    hql~{lfi i`thsfgfnh dsgjhy`so& [ah ~ngb sxbh~

    !bglk k`yf lf {ah ^{gclbl{| gfk Is`y{a Ugn{, agth

    chhf yhgohfhk `ths {ljh" gfk us`nhkxsh~ gfk

    jhg~xsh~ ux{ lf ubgnh {` hfd`snh hn`f`jln u`bln|

    n``sklfg{l`f agth f`{ chhf ljubhjhf{hk& Ld

    {ah~h yhgofh~~h~ gfk igu~ yhsh bhd{ xfgkksh~~hk"

    {ah fgfnlgb ~{gclbl{| `d {ah hxs` gshg g~ g ya`bh

    n`xbk ch ux{ g{ sl~o& HJX l~ nagsgn{hsl~hk

    c| g alia khishh `d hn`f`jln gfk fgfnlgb

    lf{hisg{l`f gj`fi l{~ jhjchs~" yalna lf f`sjgb

    {ljh~ l~ chfhnlgb {` gbb jhjchs~& Lf {ljh~ `d

    nsl~l~" a`yhths" nb`~h fgfnlgb lf{hisg{l`f jhgf~

    {ag{ xf~x~{glfgcbh khthb`ujhf{~ lf `fh jhjchs

    n`xf{s| ngf hg~lb| ~ushgk {` `{ahs~ uhsnhlthk g~

    txbfhsgcbh c| {ah jgsoh{&

    ^{shfi{ahfhk ~ngb" jgns`hn`f`jln gfk jgns`*

    usxkhf{lgb ~xsthlbbgfnh l~ h~~hf{lgb {` ixgsk

    giglf~{ kh~{gclbl~lfi ns`~~*n`xf{s| ~ulbb`ths~

    yalna jlia{ ~{hj ds`j g b`~~ `d n`fkhfnh lf

    {ah ~x~{glfgclbl{| `d fg{l`fgb u`blnlh~&

    [ah dglbxsh `d {ah HX~ hn`f`jln i`thsfgfnh {`

    ushthf{ gfk n`sshn{ xf~x~{glfgcbh fg{l`fgb

    u`blnlh~ {ag{ n`f{slcx{hk {` {ah cxlbk*xu d jgm`s

    ljcgbgfnh~ lf hxs` gshg n`xf{slh~ ag~ jgkh

    {ah khnlhfnlh~ `d {ah `thsgbb i`thsfgfnh

    dsgjhy`so gbb {`` guugshf{& [al~ guublh~ lf

    ugs{lnxbgs {` {ah yhgo ljubhjhf{g{l`f `d u`bln|

    shn`jjhfkg{l`f~" {ah lfgkhwxgn| `d hfd`snhjhf{

    jhg~xsh~ {gohf {` kl~n`xsgih `s n`sshn{

    lfdslfihjhf{~" gfk {ah lf~xdnlhf{ shn`ifl{l`f

    c| fg{l`fgb u`bln|*jgohs~ `d {ah fhhk {` hf~xshn`f~l~{hfn| ch{yhhf fg{l`fgb u`blnlh~ lf g

    j`fh{gs| xfl`f" h~uhnlgbb| yl{a shigsk {`

    n`juh{l{lthfh~~ khthb`ujhf{~&>

    [ah Hxs`uhgf N`xfnlb" g{ l{~ jhh{lfi `f

    3;*38 Jgsna 3577" gishhk `f g fxjchs `d

    lju`s{gf{ ~{hu~ {` shlfd`snh {ah HX hn`f`jln

    i`thsfgfnh dsgjhy`so& [ah ^{gclbl{| gfk

    Is`y{a Ugn{ ylbb ch shd`sjhk {` hfagfnh {ah

    ~xsthlbbgfnh `d~ngb u`blnlh~ gfk {` d`~{hs {ah

    hgsb| guublng{l`f `d hfd`snhjhf{ jhg~xsh~&

    G fhy jgns`hn`f`jln ~xsthlbbgfnh dsgjhy`so"lfnbxklfi gf hfd`snhjhf{ jhnagfl~j" ylbb ch

    h~{gcbl~ahk lf `skhs {` khgb yl{a lf{hsfgb gfk

    hq{hsfgb jgns`hn`f`jln ljcgbgfnh~ g{ gf hgsb|

    ~{gih& Lf gkkl{l`f {` {ah~h HX*ylkh us`u`~gb~ g{

    {ah bhil~bg{lth bhthb" g ~hugsg{h Hxs` Ubx~ Ugn{

    ag~ chhf khtl~hk gj`fi hxs` gshg n`xf{slh~"

    yl{a gf `u{*lf d`s f`f*hxs` gshg HX Jhjchs

    ^{g{h~" lf `skhs {` ljus`th n`juh{l{lthfh~~"

    d`~{hs hjub`|jhf{" lfnshg~h {ah ~x~{glfgclbl{|

    `d uxcbln fgfnh~ gfk shlfd`snh fgfnlgb

    ~{gclbl{|& [ah~h jhg~xsh~ n`jubhjhf{ {ah

    ~{shfi{ahflfi `d {ah ~xuhstl~`s| gsnal{hn{xsh

    d`s {ah fgfnlgb ~|~{hj {ag{ ngjh lf{` d`snh g{

    {ah chilfflfi `d 3577 yl{a {ah h~{gcbl~ajhf{ `d

    {ah Hxs`uhgf ^|~{hjln Sl~o C`gsk !{ah fhy HX

    c`k| lf nagsih `d jgns`*usxkhf{lgb `ths~lia{,

    gfk {ah {ashh fhy Hxs`uhgf ^xuhstl~`s|

    Gihfnlh~ {ah Hxs`uhgf Cgfolfi Gx{a`sl{|"

    {ah Hxs`uhgf ^hnxsl{lh~ gfk Jgsoh{~ Gx{a`sl{|

    gfk {ah Hxs`uhgf Lf~xsgfnh gfk @nnxug{l`fgb

    Uhf~l`f~ Gx{a`sl{|& @fnh dxbb| `uhsg{l`fgb"

    {ah~h jhg~xsh~ ~a`xbk ~{shfi{ahf {ah hn`f`jln

    ulbbgs `d HJX&

    ^{sln{ `c~hstgfnh `d {ah ^{gclbl{| gfk Is`y{a

    Ugn{" nb`~h ~xsthlbbgfnh `d jgns`hn`f`jln

    ljcgbgfnh~ gfk hddhn{lth hn`f`jln u`bln|

    n``sklfg{l`f ~a`xbk us`tlkh g ~gdhixgsk giglf~{

    nsl~h~ `d n`fkhfnh `d {ah {|uh gfk jgifl{xkh

    {ag{ agth chhf hquhslhfnhk lf {ah shnhf{ ug~{&

    A`yhths" {` {ah hq{hf{ {ag{ xfd`sh~hhf hq{hsfgb

    ~a`no~ ngf `nnxs" {ah sl~o `d nsl~h~ ngf fhths

    ch dxbb| hbljlfg{hk" lf ~ul{h `d ~{shfi{ahfhk

    ~ngb gfk jgns`hn`f`jln ~xsthlbbgfnh&

    D`s {al~ shg~`f" gfk lf `skhs {` hf~xsh {ah

    ~{gclbl{| `d {ah hxs` gshg g~ g ya`bh" l{ yg~

    khnlkhk {` gb~` h~{gcbl~a g dsgjhy`so yalnan`xbk us`tlkh {hju`sgs| fgfnlgb ~xuu`s{ {`

    hxs` gshg n`xf{slh~" yl{a {ah glj `d us`tlklfi

    cslkih dxfklfi d`s {ah uhsl`k `d {ljh fhhkhk

    {` ljubhjhf{ g khhu gkmx~{jhf{ us`isgjjh {`

    n`sshn{ ljcgbgfnh~ gfk shiglf jgsoh{ gnnh~~&

    Gf| fgfnlfi xfkhs {ah H^J fhhk~ {` ch

    ~xcmhn{ {` ths| ~{s`fi u`bln| n`fkl{l`fgbl{|&

    [ah uxsu`~h `d ~xna g nsl~l~ jgfgihjhf{

    dsgjhy`so l~ {` ilth hxs` gshg n`xf{slh~ lf

    kl~{sh~~ {ah {ljh fhnh~~gs| {` ljubhjhf{ jhg~xsh~

    ^hh {ah gs{lnbh hf{l{bhk [ah shd`sj `d hn`f`jln i`thsfgfnh>

    lf {ah hxs` gshg= h~~hf{lgb hbhjhf{~" J`f{ab| Cxbbh{lf" HNC"

    Jgsna 3577&

  • 8/3/2019 ESM European Stability Mechanism

    3/14

    9>HNC

    J`f{ab| Cxbbh{lfMxb| 3577

    GS[LNBH^

    [ah Hxs`uhgf^{gclbl{| Jhnagfl~j

    {` sh~{`sh ~ngb ~x~{glfgclbl{|" n`juh{l{lthfh~~

    gfk fgfnlgb ~{gclbl{| lf {ah jhklxj {hsj&

    Dlfgfnlgb g~~l~{gfnh ylbb `fb| ch isgf{hk ld {ah

    n`xf{s| lf wxh~{l`f ljubhjhf{~ gf gkmx~{jhf{

    us`isgjjh ngugcbh `d shksh~~lfi {ah ~l{xg{l`f&

    ^xna gf gkmx~{jhf{ us`isgjjh ylbb lf ihfhsgb

    lfnbxkh ~ngb n`f~`blkg{l`f jhg~xsh~ gfk

    ~{sxn{xsgb shd`sj~ {ag{ gkksh~~ bgc`xs gfk

    us`kxn{ jgsoh{ slilkl{lh~" {ahshc| ljus`tlfi

    {ah is`y{a u`{hf{lgb `d {ah hn`f`j|& Yalbh

    ~xna jhg~xsh~ ylbb agth ~`jh ljugn{ lf {ah

    ~a`s{ {hsj" {ahls dxbb hddhn{ `d{hf xfd`bk~ `ths

    {ah jhklxj {hsj& Lf {al~ n`f{hq{" {ah fgfnlgb

    g~~l~{gfnh ylbb ~hsth g~ g blwxlkl{| cslkih xf{lb

    {ah n`xf{s| lf wxh~{l`f shiglf~ jgsoh{ gnnh~~&

    G{ {ah ~gjh {ljh" fgfnlgb g~~l~{gfnh jx~{ ch

    isgf{hk `f f`f*n`fnh~~l`fgb !l&h& ~xdnlhf{b|

    xfg{{sgn{lth, {hsj~ {` lfnshg~h {ah lfnhf{lth d`s

    {ah n`xf{s| {` sh{xsf {` jgsoh{ fgfnlfi g~ ~``f

    g~ u`~~lcbh& Lf gkkl{l`f" gf| fgfnlgb g~~l~{gfnh

    jx~{ ch kl~cxs~hk lf {sgfnah~" n`fkl{l`fgb f {ah

    n`xf{s|~ gkahshfnh {` {ah {gsih{~ bglk k`yf lf

    {ah gkmx~{jhf{ us`isgjjh" ~` g~ {` jglf{glf {ah

    lfnhf{lth d`s {ah n`xf{s| {` n`f{lfxh {` n`jub|

    yl{a {ah us`isgjjh&

    [ah~h kh~lif dhg{xsh~ `d {ah Hxs`uhgf nsl~l~

    jgfgihjhf{ dsgjhy`so uxsu`~hb| sh~hjcbh {ah

    jglf kh~lif dhg{xsh~ `d {ah LJD*~xuu`s{hk

    gkmx~{jhf{ us`isgjjh~& [ah fg{xsh `d {ah

    cgbgfnh `d ug|jhf{~ n`f~{sglf{ l~ `ctl`x~b|

    klddhshf{ d`s hxs` gshg n`xf{slh~" yalna lf {al~

    shigsk sh~hjcbh shil`f~ yl{alf g bgsihs ~{g{h

    j`sh {agf {ah| k` n`xf{slh~ yl{a {ahls `yfnxsshfn|& [al~ l~ `fh shg~`f ya| {ah HX k`h~

    f`{ agth g cgbgfnh `d ug|jhf{~ ~xuu`s{ dgnlbl{|

    d`s hxs` gshg n`xf{slh~" yahshg~ ~xna g dgnlbl{|

    k`h~ hql~{ d`s f`f*hxs` gshg Jhjchs ^{g{h~&;

    [ah nshg{l`f `d {ah hxs` gshg nsl~l~ jgfgihjhf{

    dsgjhy`so ag~ chhf j`{ltg{hk c| {ashh jglf

    n`f~lkhsg{l`f~&

    Dls~{" hthf xfkhs g ~{shfi{ahfhk hxs` gshg

    i`thsfgfnh dsgjhy`so" l{ ngff`{ ch hqnbxkhk

    {ag{ hq{hsfgb ~a`no~ jlia{ `nnxs gfk {ag{ nsl~h~`d n`fkhfnh jlia{ khthb`u yalna n`xbk agth

    ljublng{l`f~ d`s hxs` gshg n`xf{slh~ gnnh~~ {`

    jgsoh{ fgfnlfi& D`s hqgjubh" gf hq`ihf`x~

    ~a`no `d xfushnhkhf{hk jgifl{xkh jlia{

    al{ `fh hxs` gshg n`xf{s| g~|jjh{slngbb|"

    yl{a us`d`xfk ljublng{l`f~ d`s {ah n`xf{s|~

    k`jh~{ln hn`f`jln `x{b``o& Ilthf {ah ishg{hs

    us`uhf~l{| {`ygsk~ ns`~~*n`xf{s| ~ulbb`ths~ lf g

    j`fh{gs| xfl`f" gfk {ah bgno `d g nhf{sgb ~ngb

    gx{a`sl{|" ~xna g ~a`no n`xbk agth {ah u`{hf{lgb

    {` kh~{gclbl~h {ah hxs` gshg g~ g ya`bh !lf {ah

    gc~hfnh d g fgfnlgb shygbb,& [ah u`{hf{lgb d`s

    fhig{lth !gfk jx{xgbb| shlfd`snlfi, dhhkcgno

    b``u~ ch{yhhf {ah ~ngb gfk fgfnlgb ~hn{`s~

    n`xbk ch ~liflngf{ gfk c`{a gjubld| gfk

    us`ugig{h {ah ~a`no&

    ^hn`fk" {ahsh gb~` shjglf~ {ah u`~~lclbl{| `d

    jgsoh{ dglbxsh~ lf {ah fgfnlgb ~hn{`s" lfnbxklfi

    ~hbd*dxbbblfi {shfk k|fgjln~ lf {ah uslnlfi

    `d ~`thshlif sl~o& Jgsoh{ dglbxsh~ gsh n`~{b|

    lf g j`fh{gs| xfl`f `ylfi {` {ah u`{hf{lgb

    d`s n`f{gil`f& [ah hquhslhfnh `d hxs` gshg

    ~`thshlif c`fk jgsoh{~ lf shnhf{ |hgs~ l~

    {hbblfi lf {al~ shigsk& Usl`s {` {ah fgfnlgb

    jgsoh{ {hf~l`f~ lf gx{xjf 3551 hxs` gshg

    ~`thshlif c`fk ~ushgk~ yhsh nbx~{hshk lf nb`~h

    us`qljl{| {` hgna `{ahs" lf ~ul{h `d ~l}hgcbh

    ns`~~*n`xf{s| klddhshfnh~ lf xfkhsb|lfi ~ngb

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  • 8/3/2019 ESM European Stability Mechanism

    4/14

    9;HNCJ`f{ab| Cxbbh{lfMxb| 3577

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  • 8/3/2019 ESM European Stability Mechanism

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    98HNC

    J`f{ab| Cxbbh{lfMxb| 3577

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  • 8/3/2019 ESM European Stability Mechanism

    6/14

    94HNCJ`f{ab| Cxbbh{lfMxb| 3577

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    chfhnlgs| n`xf{s|~ us`~uhn{~ `d shiglflfi

    gnnh~~ {` fgfnlgb jgsoh{~& [ah lf{hsh~{ sg{h `f

    {ah b`gf~" yalna jg| ch hl{ahsqhk `s tgslgcbh"

    ylbb ch {ah ~xj `d {ah dxfklfi n`~{ {` {ah

    H^J gfk g nagsih `d 355 cg~l~ u`lf{~&Gf gkkl{l`fgb ~xsnagsih `d 755 cg~l~ u`lf{~

    ylbb ch gkkhk d`s gj`xf{~ ~{lbb `x{~{gfklfi gd{hs

    {ashh |hgs~& [ah uslnlfi u`bln| ylbb ch shtlhyhk

    c| {ah H^J C`gsk `d I`thsf`s~ `f g shixbgs

    cg~l~&

    ^a`xbk {ah C`gsk d I`thsf`s~ khnlkh {` nagfih

    {ah uslnlfi ~{sxn{xsh gfk u`bln| `d {ah H^J"

    l{ ylbb shjglf lju`s{gf{ {ag{ lfnhf{lth~ gsh

    us`uhsb| ~h{" gb`fi {ah blfh~ kh~nslchk chb`y&

    [al~ uslnlfi ~{sxn{xsh l~ lf blfh yl{a {ah uslfnlubh~ i`thsflfi {ah uslnlfi `d LJD

    fgfnlfi gfk shffihn{~ gf lju`s{gf{ uslfnlubh

    d`s {ah us`tl~l`f `d `dnlgb fgfnlgb g~~l~{gfnh&

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    99HNC

    J`f{ab| Cxbbh{lfMxb| 3577

    GS[LNBH^

    [ah Hxs`uhgf^{gclbl{| Jhnagfl~j

    Lf{hsh~{ sg{h~ ~a`xbk jgoh fgfnlgb g~~l~{gfnh

    xfg{{sgn{lth gfk jlfljl~h ~`xsnh~ `d j`sgb

    ag}gsk" ljub|lfi g jlfljxj bhthb {ag{ l~ aliahs

    {agf {ah al~{`slngb gthsgih sg{h nagsihk c|

    {ah jgsoh{~ xfkhs f`sjgb n`fkl{l`f~& [al~

    jlfljxj bhthb l~ gb~` fhnh~~gs| {` us`tlkh

    guus`uslg{h n`juhf~g{l`f d`s {ah sl~o {gohf c|

    {ah jhjchs~ `d {ah H^J&

    G~ gf hqnhu{l`f" {ah H^J ylbb agth {ah `u{l`f

    {` uxsnag~h {ah c`fk~ d g chfhnlgs| hxs` gshg

    n`xf{s| lf {ah usljgs| jgsoh{& Lf ~xna ng~h~"

    {ah H^J n`xbk" d`s hqgjubh" gn{ g~ g cgno~{`u

    dgnlbl{|" gc~`sclfi u`s{l`f~ d usljgs| ddhslfi~

    yalna gsh f`{ {gohf xu c| usltg{h clkkhs~& xna

    g ~{sg{hi| n`xbk u`{hf{lgbb| ahbu {ah n`xf{s|

    n`fnhsfhk {` shiglf gnnh~~ {` jgsoh{ fgfnlfi"

    {ahshc| ljus`tlfi {ah n`~{*hdnlhfn| `d {ah

    ~xuu`s{& [ah n`fkl{l`f~ gfk j`kgbl{lh~ xfkhs

    yalna c`fk uxsnag~h~ y`xbk ch n`fkxn{hk

    ylbb ch ~uhnlhk lf {ah {hsj~ gfk n`fkl{l`f~

    `d fgfnlgb g~~l~{gfnh d`s {ah chfhnlgs|

    n`xf{s|" cx{ ylbb lf gbb ng~h~ ch ~xcmhn{ {` {ah

    ~gjh jgns`hn`f`jln n`fkl{l`fgbl{| g~ guublhk

    xfkhs H^^&

    L{ l~ lju`s{gf{ d`s {ah H^J {` agth gf

    guus`uslg{h sgfih `d lf~{sxjhf{~ {` ush~hsth

    fgfnlgb ~{gclbl{| lf {ah hxs` gshg g~ g ya`bh&

    A`yhths" {ah dgn{ {ag{ {ah H^J ngf gb~` sh~`s{

    {` usljgs| jgsoh{ c`fk uxsnag~h~ g~ ugs{

    `d l{~ `thsgbb us`isgjjh ~{sg{hi| {` ~xuu`s{

    jgns`hn`f`jln gkmx~{jhf{ jg| ch `fb| g

    ugs{lgb ~`bx{l`f& G~ khthb`ujhf{~ lf {ah usljgs|jgsoh{ lf i`thsfjhf{ c`fk~ khuhfk nsl{lngbb|

    `f khthb`ujhf{~ lf {ah ~hn`fkgs| jgsoh{ !tlg

    {ah blwxlkl{| gfk uslnh nagffhb~," {ah H^J

    ~a`xbk" lf {ah b`fihs {hsj" gb~` agth {ah ngugnl{|

    {` lf{hsthfh lf ~hn`fkgs| i`thsfjhf{ c`fk

    jgsoh{~ lf skhs {` hddhn{lthb| n`jcg{ n`f{gil`f

    lf ~l{xg{l`f~ `d gnx{h jgsoh{ lf~{gclbl{|&

    [ah H^J C`gsk `d I`thsf`s~ ylbb agth {ah

    gx{a`sl{| {` khnlkh c| jx{xgb gishhjhf{ {`

    hqugfk {ah lf~{sxjhf{~ gtglbgcbh {` {ah H^J&

    C| n`f{sg~{" gf| hqugf~l`f `d {ah lf~{sxjhf{~

    gtglbgcbh {` {ah HD^D shwxlsh~ gf gjhfkjhf{ {`l{~ Dsgjhy`so Gishhjhf{&

    LJUBHJHF[G[L@F @D [AH JHNAGFL^J

    H^J fgfnlgb g~~l~{gfnh ylbb fb| ch gn{ltg{hk

    xu`f shnhlu{ c| {ah Hxs`is`xu gfk HN@DLF

    Ush~lkhf{~" gfk {ah Jgfgilfi Klshn{`s

    `d {ah LJD" `d g shwxh~{ ds`j g hxs` gshg

    n`xf{s|& D`bb`ylfi {al~ shwxh~{" {ah Hxs`uhgf

    N`jjl~~l`f" {`ih{ahs yl{a {ah LJD gfk lf

    blgl~`f yl{a {ah HNC" ylbb g~~h~~ yah{ahs {ahsh

    l~ g sl~o {` {ah fgfnlgb ~{gclbl{| `d {ah hxs`

    gshg g~ g ya`bh gfk ylbb xfkhs{goh g sli`s`x~

    gfgb|~l~ `d {ah ~x~{glfgclbl{| `d {ah uxcbln

    khc{ `d {ah shwxh~{lfi n`xf{s|& Ld" `f {ah cg~l~

    `d {ah ~x~{glfgclbl{| gfgb|~l~" l{ l~ n`fnbxkhk

    {ag{ g jgns`hn`f`jln gkmx~{jhf{ us`isgjjh

    ngf shgbl~{lngbb| sh~{`sh {ah uxcbln khc{ {` g

    ~x~{glfgcbh ug{a" {ah N`jjl~~l`f" {`ih{ahs

    yl{a {ah LJD gfk lf blgl~`f yl{a {ah HNC"

    ylbb {ahf g~~h~~ {ah gn{xgb fgfnlfi fhhk~ `d

    {ah n`xf{s| n`fnhsfhk& @f {ah cg~l~ `d {al~

    g~~h~~jhf{" {ah C`gsk `d I`thsf`s~ `d {ah

    H^J ylbb jgfkg{h {ah N`jjl~~l`f" {`ih{ahs

    yl{a {ah LJD gfk lf blgl~`f yl{a {ah HNC"

    {` fhi`{lg{h g jgns`hn`f`jln gkmx~{jhf{

    us`isgjjh" {ah kh{glb~ `d yalna ylbb ch bglk

    k`yf lf g Jhj`sgfkxj `d Xfkhs~{gfklfi

    !J`X,& [ah J`X ~a`xbk ch dxbb| n`f~l~{hf{

    yl{a {ah `thsgbb HX dsgjhy`so d`s hn`f`jln

    u`bln| n``sklfg{l`f& [ah N`jjl~~l`f ylbb

    us`u`~h {` {ah HX N`xfnlb g khnl~l`f hfk`s~lfi

    {ah jgns`hn`f`jln gkmx~{jhf{ us`isgjjh"

    yalbh {ah isgf{lfi gfk {ah {hsj~ gfk n`fkl{l`f~

    `d fgfnlgb g~~l~{gfnh ylbb ch khnlkhk c| {ah

    C`gsk `d I`thsf`s~ `d {ah H^J&

    [ah N`jjl~~l`f" {`ih{ahs yl{a {ah LJD

    gfk lf blgl~`f yl{a {ah HNC" ylbb j`fl{`s

    n`jublgfnh yl{a {ah jgns`hn`f`jln gkmx~{jhf{

    us`isgjjh" shu`s{lfi {` {ah HN@DLF N`xfnlb

    gfk {ah C`gsk `d Klshn{`s~ `d {ah H^J& @f {ah

    cg~l~ `d {al~ shu`s{" {ah C`gsk `d Klshn{`s~ ylbb

    khnlkh c| jx{xgb gishhjhf{ f {ah kl~cxs~hjhf{

    `d dxs{ahs {sgfnah~ `d {ah b`gf& Gd{hs {ah

    n`jubh{l`f `d {ah jgns`hn`f`jln gkmx~{jhf{

    us`isgjjh" {ah HX N`xfnlb jg| khnlkh" `f

    {ah cg~l~ `d g us`u`~gb ds`j {ah N`jjl~~l`f"{` ljubhjhf{ u`~{*us`isgjjh ~xsthlbbgfnh"

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    8/14

    91HNCJ`f{ab| Cxbbh{lfMxb| 3577

    yalna ngf ch jglf{glfhk d`s g~ b`fi g~ g ~uhnlhk

    gj`xf{ `d {ah fgfnlgb g~~l~{gfnh ag~ f`{

    chhf shuglk&

    G~ shigsk~ `ths~lia{" {ah H^J ylbb ch xfkhs {ah

    klshn{ n`f{s`b `d {ah hxs` gshg n`xf{slh~ {as`xia

    {ah H^J C`gsk `d I`thsf`s~& [ah Hxs`uhgf

    Ugsblgjhf{ ylbb gb~` ch shu`s{hk {` `f g shixbgs

    cg~l~ `f {ah h~{gcbl~ajhf{ gfk {ah `uhsg{l`f~

    `d {ah H^J& J`sh`ths" {ah H^J gnn`xf{~

    ylbb ch ~xcmhn{ {` lf{hsfgb gfk hq{hsfgb gxkl{~&

    [ah H^J ylbb uxcbl~a gf gffxgb shu`s{

    n`f{glflfi gf gxkl{hk ~{g{hjhf{ `d l{~ gnn`xf{~

    gfk nlsnxbg{h gj`fi {ah hxs` gshg n`xf{slh~ g

    wxgs{hsb| ~xjjgs| `d l{~ fgfnlgb u`~l{l`f gfk

    g us`{ gfk b`~~ ~{g{hjhf{ ~a`ylfi {ah sh~xb{~

    `d l{~ `uhsg{l`f~&

    [ah sxbh~ gfk us`nhkxsh~ {ag{ ylbb i`thsf {ah

    g~~h~~jhf{ gfk bhfklfi gn{ltl{lh~ `d {ah H^J

    shffihn{ b`fi*~{gfklfi LJD usgn{lnh& Gnn`sklfib|"

    kl~cxs~hjhf{~ `d fgfnlgb g~~l~{gfnh ylbb ch

    ~{sln{b| n`fkl{l`fgb `f {ah ljubhjhf{g{l`f `d {ah

    jgns`hn`f`jln gkmx~{jhf{ us`isgjjh& Ld g hxs`

    gshg n`xf{s| k`h~ f`{ gkahsh {` {ah us`isgjjh"

    {ah C`gsk d Klshn{`s~ d {ah H^J jg| khnlkh {`

    khbg| `s ~x~uhfk {ah kl~cxs~hjhf{ `d {sgfnah~&

    Lf ~xna g ng~h" {ah n`xf{s| y`xbk gb~` b`~h

    {ah ng{gb|{ln s`bh {ag{ {ah hql~{hfnh gfk us`uhs

    ljubhjhf{g{l`f `d gf gkmx~{jhf{ us`isgjjh

    y`xbk ubg| lf n`ftlfnlfi {ah usltg{h ~hn{`s {`

    jglf{glf l{~ hqu`~xsh& L{ l~ {ahshd`sh lf {ah ch~{

    lf{hsh~{~ `d {ah chfhnlgs| n`xf{s| {` gkahsh {`

    {ah us`isgjjh&

    [ah us`~uhn{ `d `dnlgb fgfnlgb g~~l~{gfnh

    chlfi gtglbgcbh xfkhs nhs{glf n`fkl{l`f~ ngf" `d

    n`xs~h" gb{hs lfnhf{lth~ shbg{hk {` {ah n`fkxn{ `d

    fg{l`fgb hn`f`jln u`blnlh~ gfk {ax~ lf{s`kxnh

    j`sgb ag}gsk& L{ ag~ gbshgk| chhf f`{hk {ag{ {ah

    lf~{l{x{l`fgb kh~lif `d {ah H^J gfk {ah uslnlfi

    ~{sxn{xsh `d H^J b`gf~ gsh nsl{lngb {` n`f{glflfi

    {al~ j`sgb ag}gsk& [ah ~gjh l~ {sxh `d {ah

    usgn{lngb gssgfihjhf{~ d`s {ah kl~cxs~hjhf{ `d

    `dnlgb fgfnlgb g~~l~{gfnh& [ah HX gx{a`sl{lh~

    gfk {ah LJD {ahshd`sh fhhk sli`s`x~ gfgb|{lngb

    gfk u`bln| us`nhkxsh~ {` g~~h~~ {ah fhhk d`s

    fgfnlgb g~~l~{gfnh gfk {` j`fl{`s n`jublgfnh

    yl{a u`bln| n`fkl{l`fgbl{|" yalbh {ah chfhnlgs|

    n`xf{s| jx~{ ch ~{hgkdg~{b| n`jjl{{hk {`

    {ah ljubhjhf{g{l`f `d {ah jgns`hn`f`jln

    gkmx~{jhf{& Lf {ah hfk" l{ ylbb ch nsxnlgb {ag{ gbb

    gn{`s~ lft`bthk hf~xsh {ag{ {ah us`isgjjh l~

    us`uhsb| hfd`snhk lf {ah n`xf{s| n`fnhsfhk&

    USLTG[H ^HN[@S LFT@BTHJHF[

    Yahsh fgfnlgb g~~l~{gfnh l~ isgf{hk {` g hxs`

    gshg n`xf{s| c| {ah H^J" n`f~lkhsg{l`f ylbb ch

    ilthf `f g ng~h*c|*ng~h cg~l~ {` gf gkhwxg{h

    gfk us`u`s{l`fg{h d`sj `d usltg{h ~hn{`s

    lft`bthjhf{ lf {ah nb`~lfi `d {ah fgfnlfi igu&

    [al~ ylbb ~hsth tgsl`x~ uxsu`~h~& Gj`fi `{ahs

    {alfi~" l{ ~a`xbk ahbu {` hf~xsh gf guus`uslg{h

    uslnlfi `d sl~o lf i`thsfjhf{ c`fk jgsoh{~ gfk

    dgls gfk us`u`s{l`fg{h cxskhf ~agslfi ch{yhhf

    {gqug|hs~ gfk usltg{h nshkl{`s~ lf {ah us`tl~l`f

    `d {ah fgfnlgb g~~l~{gfnh& [ah fg{xsh gfk hq{hf{

    `d {al~ lft`bthjhf{ ylbb ch kh{hsjlfhk ng~h

    c| ng~h" lf blfh yl{a LJD usgn{lnh !~hh C`q 7,&

    G{ {ah ~gjh {ljh" {ah kh~lif d gf| usltg{h ~hn{`s

    lft`bthjhf{ ~a`xbk ch ~xna {ag{ l{ us`tlkh~

    {ah x{j`~{ lfnhf{lth~ d`s n`xf{slh~ xfkhs

    ~{sh~~ {` a`f`xs {ahls `cblig{l`f~ sg{ahs {agf

    n`f~lkhs khdgxb{&

    Yahsh {ah khc{ ~x~{glfgclbl{| g~~h~~jhf{

    lfklng{h~ {ag{ ~x~{glfgclbl{| ngf ch sh~{`shk

    {as`xia g shgbl~{ln jgns`hn`f`jln gkmx~{jhf{

    us`isgjjh" yalna l~ f`sjgbb| hquhn{hk {` ch

    {ah ng~h" {ah chfhnlgs| n`xf{s| ylbb ch shwxlshk

    {` {goh lfl{lg{lth~ gljhk g{ hfn`xsgilfi {ah jglf

    usltg{h lfth~{`s~ {` jglf{glf {ahls hqu`~xsh~

    t`bxf{gslb|&

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    9/14

    9

    ~{gfkgskl~hk gfk lkhf{lngb n`bbhn{lth gn{l`f

    nbgx~h~ !NGN~, ylbb ch lfnbxkhk" lf ~xna g yg|

    g~ {` ush~hsth jgsoh{ blwxlkl{|" lf {ah {hsj~ gfk

    n`fkl{l`f~ `d gbb fhy hxs` gshg i`thsfjhf{ c`fk~

    yl{a g jg{xsl{| `d gc`th `fh |hgs& [ah~h NGN~

    ylbb ch n`f~l~{hf{ yl{a {a`~h n`jj`f xfkhs

    Hfibl~a gfk Fhy \`so bgy ~lfnh {ah I75 shu`s{

    `f NGN~" gfk ylbb lfnbxkh giishig{l`f nbgx~h~

    gbb`ylfi gbb khc{ ~hnxsl{lh~ l~~xhk c| g hxs` gshg

    n`xf{s| {` ch n`f~lkhshk {`ih{ahs lf fhi`{lg{l`f~&

    [al~ y`xbk hfgcbh {ah nshkl{`s~ {` {goh g wxgblhk

    jgm`sl{| khnl~l`f gishhlfi g bhigbb| clfklfi nagfih

    {` {ah {hsj~ `d ug|jhf{ !~{gfk~{lbb" hq{hf~l`f `d

    {ah jg{xsl{|" lf{hsh~{ sg{h nx{ gfk/`s aglsnx{, lf {ah

    hthf{ {ag{ {ah khc{`s l~ xfgcbh {` ug| !~hh C`q 3,&

    C`q 3

    N@BBHN[LTH GN[L@F NBGX^H^ D@S FHY HXS@ GSHG I@THSFJHF[ C@FK^

    @f 31 F`thjchs 3575 {ah Hxs`is`xu khnlkhk {ag{ n`bbhn{lth gn{l`f nbgx~h~ !NGN~, y`xbk

    ch lfnbxkhk lf {ah lf{hsfg{l`fgb gfk k`jh~{ln l~~xh~ `d hxs` gshg i`thsfjhf{ ~hnxsl{lh~

    !yl{a g jg{xsl{| `d gc`th `fh |hgs, ds`j Mxb| 357> `fygsk~& [al~ khnl~l`f yg~ n`fsjhk lf {ah

    N`fnbx~l`f~ `d {ah Ahgk~ `d ^{g{h `s I`thsfjhf{ `d {ah hxs` gshg `d 77 Jgsna 3577 gfk lf {ah

    N`fnbx~l`f~ `d {ah Hxs`uhgf N`xfnlb `d 3;*38 Jgsna 3577& NGN~ gsh n`f{sgn{xgb us`tl~l`f~

    lf~hs{hk lf{` {ah {hsj~ gfk n`fkl{l`f~ i`thsflfi c`fk~& [ah| agth chhf x~hk lf ~`thshlif c`fk~i`thsfhk c| Hfibl~a bgy d`s jgf| |hgs~ gfk" d`bb`ylfi {ah uxcblng{l`f lf 3553 `d {ah Shu`s{ `d

  • 8/3/2019 ESM European Stability Mechanism

    11/14

    17HNC

    J`f{ab| Cxbbh{lfMxb| 3577

    GS[LNBH^

    [ah Hxs`uhgf^{gclbl{| Jhnagfl~j

    Yl{a`x{ ushmxklnh {` {ah~h n`f~lkhsg{l`f~"

    a`yhths" l{ l~ lju`s{gf{ {` f`{h {ag{ sh~`s{lfi

    {` khc{ sh~{sxn{xslfi g~ g d`sj `d usltg{h ~hn{`s

    lft`bthjhf{ y`xbk ch g ths| n`~{b| us`nh~~"

    f`{ `fb| d`s {ah n`xf{s| n`fnhsfhk cx{ gb~` d`s

    `{ahs hxs` gshg n`xf{slh~& G sh~{sxn{xslfi `d

    ~`thshlif khc{ n`xbk ~liflngf{b| xfkhsjlfh

    {ah fgfnlgb ~hn{`s `d {ah n`xf{s| n`fnhsfhk

    gfk y`xbk sl~o n`f{gil`f {` hqu`~hk cgfo~ lf

    `{ahs hxs` gshg n`xf{slh~& G~ g shngul{gbl~g{l`f`d {ah hqu`~hk cgfo~ n`xbk chn`jh fhnh~~gs|

    {` n`juhf~g{h d`s {ah b`~~h~ `f i`thsfjhf{

    c`fk~ `d {ah sh~{sxn{xslfi n`xf{s| lf {ahls

    u`s{d`bl`~" dxs{ahs ~{sglf n`xbk ch ux{ `f {ah

    ~ngb u`~l{l`f~ `d {ah hxs` gshg i`thsfjhf{~

    n`fnhsfhk& Gf| khc{ sh~{sxn{xslfi l~ gb~`

    blohb| {` ljub| dgs*shgnalfi ~hn`fk*s`xfk

    hddhn{~" lf ugs{ {as`xia {ah lfnshg~h lf cgfo~

    a`bklfi~ `d f`f*uhsd`sjlfi b`gf~ hq{hfkhk {`

    i`thsfjhf{~ gfk f`f*fgfnlgb n`su`sg{l`f~&

    Lfklshn{ n`f{gil`f {` `{ahs hxs` gshg n`xf{slh~

    tlg n`fkhfnh hddhn{~ l~ gb~` u`~~lcbh& [ah

    alia gfk xfushkln{gcbh n`~{~ `d gf| d`sj `dkhc{ sh~{sxn{xslfi shlfd`snh {ah fhhk {` hf~xsh

    g ths| ~{sln{ ljubhjhf{g{l`f `d {ah fhy

    ^{gclbl{| gfk Is`y{a Ugn{ {` hbljlfg{h {ah

    {ah I75 Y`solfi Is`xu `f N`f{sgn{xgb Nbgx~h~" {ah| agth gb~` chhf khthb`uhk c| {ah usltg{h

    ~hn{`s d`s x~h lf ~`thshlif c`fk~ i`thsfhk c| Fhy \`so bgy&

    NGN~ gsh kh~lifhk {` hf~xsh `skhsb| ~`thshlif khc{ sh~{sxn{xslfi& [ah| us`tlkh gf hddhn{lth jhgf~

    d`s g ~xuhsjgm`sl{| `d c`fka`bkhs~ !44 ( `s 98(, gfk {ah khc{`s {` sh~{sxn{xsh `x{~{gfklfi

    c`fk~ !h&i& j`kld| oh| ug|jhf{ {hsj~" s n`fths{ s hqnagfih c`fk~,& xna sh~{sxn{xslfi x~xgbb|

    guublh~ {` g ~lfibh c`fk ~hslh~" cx{ l{ ngf gb~` guub| gns`~~ jxb{lubh c`fk ~hslh~ x~lfi giishig{l`f

    nbgx~h~ !yalna gsh x~hk c| ~`thshlif l~~xhs~ ~xna g~ Xsxixg| gfk Gsihf{lfg,& NGN~ ljub| {ag{

    gf| sh~{sxn{xslfi j`klng{l`f~ gnnhu{hk c| {ah ~uhnlhk jgm`sl{| `d c`fka`bkhs~ gsh n`fnbx~lth

    gfk clfklfi `f gbb a`bkhs~ `d {ah khc{ ~hnxsl{lh~ `d g ugs{lnxbgs c`fk ~hslh~ yah{ahs `s f`{ {ah|agth ilthf {ahls n`f~hf{ yalna dgnlbl{g{h~ ~xnnh~~dxb khc{ sh~{sxn{xslfi c| `thsn`jlfi {ah

    us`cbhj `d a`bk*`x{ nshkl{`s~&7 Lf `skhs {` kh{hs kl~sxu{lth bl{lig{l`f c| jlf`sl{| c`fka`bkhs~

    sh~l~{lfi {ah sh~{sxn{xslfi" NGN~ jg| n`fnhf{sg{h {ah u`yhs {` lfl{lg{h bl{lig{l`f lf g ~lfibh hf{l{|

    !h&i& g {sx~{hh," yalbh jgolfi {ah u`yhs {` khnbgsh c`fk~ ljjhklg{hb| kxh gfk shkhhjgcbh g{ {ahls

    uslfnlugb gj`xf{ {`ih{ahs yl{a gnnsxhk lf{hsh~{ xu`f khdgxb{ khuhfkhf{ `f g n`bbhn{lth t`{h `d

    {ah nshkl{`s~" gfk us`tlklfi d`s {ah gclbl{| {` shths~h ~xna g khnbgsg{l`f c| g jgm`sl{| d nshkl{`s~&

    NGN~ gb~` glj {` d`~{hs hgsb| klgb`ixh gfk n``sklfg{l`f ch{yhhf {ah ~`thshlif gfk l{~ nshkl{`s~

    {as`xia {ah f`jlfg{l`f `d g uhsjgfhf{ fhi`{lg{lfi shush~hf{g{lth gfk {ah lju`~l{l`f `d nhs{glf

    gkkl{l`fgb lfd`sjg{l`f*us`tlklfi cblig{l`f~ xu`f {ah l~~xhs&

    L{ l~ hftl~gihk {ag{ {ah jglf dhg{xsh~ `d {ah NGN~ {` ch x~hk lf hxs` gshg i`thsfjhf{ c`fk~ ylbb

    ch n`f~l~{hf{ yl{a {a`~h n`jj`fb| x~hk xfkhs Fhy \`so gfk Hfibl~a bgy ~lfnh {ah 3553 I75shu`s{& NGN~ ylbb ch lf{s`kxnhk lf g ~{gfkgskl~hk d`sj" yalna ylbb hf~xsh {ag{ {ahls bhigb ljugn{

    l~ ~ljlbgs lf gbb hxs` gshg mxsl~kln{l`f~" {ahshc| ush~hstlfi g bhthb ubg|lfi hbk gj`fi hxs` gshg

    n`xf{slh~&

    [ah kh{glbhk bhigb gssgfihjhf{~ d`s lfnbxklfi NGN~ lf hxs` gshg i`thsfjhf{ ~hnxsl{lh~ ylbb ch

    khnlkhk `f {ah cg~l~ `d y`so chlfi xfkhs{gohf c| {ah HX~ Hn`f`jln gfk Dlfgfnlgb N`jjl{{hh

    ^xc*N`jjl{{hh `f HX ^`thshlif Khc{ Jgsoh{~" d`bb`ylfi guus`uslg{h n`f~xb{g{l`f yl{a jgsoh{

    ugs{lnlugf{~ gfk `{ahs ~{goha`bkhs~" gfk ylbb ch fgbl~hk c| {ah hfk `d 3577&

    7 G a`bk*`x{ ~l{xg{l`f `nnxs~ yahf ~`jh nshkl{ s~ a`bk cgno ds`j gnnhu{lfi gf hqnagfih `ddhs jgkh c| {ah l~~xhs lf gf g{{hju{ {`

    sh~{sxn{xsh `x{~{gfklfi c`fk~ gfk {s| {` sh{glf {ah slia{ {` khjgfk shug|jhf{ `d {ahls c`fk~ g{ ugs !{ah dxbb f`jlfgb gj`xf{,& L{ l~

    gsixhk {ag{ a`bk*`x{~ u`~h g bl{lig{l`f {ashg{ {` {ah ~`thshlif c`ss`yhs gfk jg| ~liflngf{b| xfkhsjlfh l{~ gclbl{| {` ~hstlnh {ah fhy

    c`fk~ l{ ag~ l~~xhk {` {ah nshkl{`s~ ugs{lnlug{lfi lf {ah hqnagfih&

  • 8/3/2019 ESM European Stability Mechanism

    12/14

    13HNCJ`f{ab| Cxbbh{lfMxb| 3577

    C`q >

    [AH ^[G[L^[LNGB [SHG[JHF[ @D [AH HXS@UHGF DLFGFNLGB ^[GCLBL[\ DGNLBL[\

    GFK [AH HXS@UHGF ^[GCLBL[\ JHNAGFL^J

    D`bb`ylfi {ah khnl~l`f c| {ah Hxs`uhgf N`xfnlb g{ l{~ jhh{lfi `f 74*79 Khnhjchs 3575 {`

    h~{gcbl~a g uhsjgfhf{ ~{gclbl{| jhnagfl~j" {ah Hxs`uhgf N`jjl~~l`f !Hxs`~{g{, yg~ g~ohk

    {` g~~h~~ {ah ~{g{l~{lngb {shg{jhf{ `d {ah H^J& Hxs`~{g{ n`f~xb{hk {ah N`jjl{{hh `f J`fh{gs|"

    Dlfgfnlgb gfk Cgbgfnh `d Ug|jhf{~ ^{g{l~{ln~ !NJDC," yalna n`f~l~{~ `d ~hfl`s ~{g{l~{lnlgf~

    ds`j gbb HX fg{l`fgb ~{g{l~{lngb lf~{l{x{h~" fg{l`fgb nhf{sgb cgfo~" Hxs`~{g{ gfk {ah HNC& @f {ah

    sl~o `d ~xna khc{ sh~{sxn{xslfi chlfi fhhkhk

    lf {ah s~{ ubgnh&

    Lf blfh yl{a LJD usgn{lnh" {ah H^J ylbb

    agth ushdhsshk nshkl{`s ~{g{x~ g~ `d Mxb| 357>

    !~hh C`q 7," yalbh shn`ifl~lfi {ah ushdhsshk

    nshkl{`s ~{g{x~ `d LJD nbglj~ `ths H^J nbglj~&

    A`yhths" ld H^J fgfnlgb g~~l~{gfnh yhsh {`

    d`bb`y g Hxs`uhgf fgfnlgb g~~l~{gfnh us`isgjjh

    hql~{lfi g{ {ah {ljh `d {ah ~lifg{xsh `d {ah H^J

    [shg{|" H^J b`gf~ y`xbk hfm`| {ah ~gjh ~hfl`sl{|

    g~ gbb {ahs b`gf~ gfk cblig{l`f~ d {ah chfhnlgs|

    n`xf{s|" yl{a {ah hqnhu{l`f d LJD b`gf~&

    [AH DXFKLFI @D [AH H^J

    [ah H^J ylbb agth g {`{gb ~xc~nslchk ngul{gb `d

    955 clbbl`f" `d yalna 15 clbbl`f ylbb ch uglk*

    lf ngul{gb gfk 435 clbbl`f ngbbgcbh ngul{gb& [al~

    ngul{gb ~{sxn{xsh ag~ chhf ux{ lf ubgnh {` hf~xsh

    {ah aliah~{ u`~~lcbh nshkl{ sg{lfi d`s {ah H^J"

    yalbh gb~` ixgsgf{hhlfi g bhfklfi ngugnl{| `d

    855 clbbl`f" {ah ~gjh g~ {ah n`jclfhk bhfklfi

    ngugnl{| `d {ah HD^J gfk HD^D&

    ^{gs{lfi lf Mxb| 357>" {ah uglk*lf ngul{gb ylbb ch

    us`tlkhk lf th hwxgb gffxgb lf~{gbjhf{~& [ah

    H^J ylbb gb~` fgfnh l{~hbd {as`xia {ah l~~xgfnh

    `d khc{ ~hnxsl{lh~& Hxs` gshg n`xf{slh~ agth

    jgkh g n`jjl{jhf{ {` hf~xsh g jlfljxj sg{l`

    `d 78( ch{yhhf uglk*lf ngul{gb gfk `x{~{gfklfi

    H^J ~hnxsl{lh~ l~~xgfnh kxslfi {ah uhsl`k `ths

    yalna ngul{gb l~ uglk lf&

    [ah kh~lif `d {ah ngul{gb ~{sxn{xsh `d {ah H^J

    ~a`xbk n`f{slcx{h {` l{~ s`cx~{fh~~ gfk ~h{

    guus`uslg{h lfnhf{lth~ d`s hxs` gshg n`xf{slh~&

    Dls~{" {ah uglk*lf ngul{gb jgoh~ {ah H^J bh~~

    txbfhsgcbh {` jlisg{l`f sl~o !l&h& {ah sl~o

    hjgfg{lfi ds`j u`{hf{lgb k`yfisgkh~ `d {ah

    nshkl{ sg{lfi~ `d lfkltlkxgb hxs` gshg n`xf{slh~,

    {agf {ah HD^D" jhgflfi {ag{ ~`thshlif nshkl{

    sg{lfi~ ylbb ubg| g bh~~hs s`bh lf {ah `thsgbb sg{lfi

    `d {ah H^J& ^hn`fk" {ah x~h `d ngbbgcbh ngul{gb lf

    gkkl{l`f {` ixgsgf{hh~ gbb`y~ ishg{hsffihqlclbl{|&

    D`s hqgjubh" {ah C`gsk `d Klshn{`s~ ngf khnlkh

    c| ~ljubh jgm`sl{| {` ngbb lf ngul{gb ld {ah uglk*

    lf ngul{gb l~ shkxnhk {as`xia {ah gc~`su{l`f `d

    b`~~h~& [ah ljjhklg{h cxkih{gs| n`f~hwxhfnh~

    `d g khnl~l`f {` ngbb lf gkkl{l`fgb ngul{gb us`tlkh

    ~{s`fi lfnhf{lth~ {` n`f{slcx{lfi hxs` gshg

    n`xf{slh~ {` guus`th {ah us`tl~l`f `d fgfnlgb

    g~~l~{gfnh fb| ld {ah| !l, n`f~lkhs ~xna g~~l~{gfnh

    {` ch lfkl~uhf~gcbh {` ~gdhixgsklfi {ah fgfnlgb

    ~{gclbl{| `d {ah hxs` gshg g~ g ya`bh gfk !ll, gsh

    n`ftlfnhk {ag{ b`gf~ ylbb lfkhhk ch uglk cgno&

    L{ ~a`xbk gb~` ch f`{hk {ag{ {ah ngul{gb ~{sxn{xsh

    gbb`y~ khc{ `yhk c| {ah H^J {` ch nbg~~lhk

    g~ uxcbln khc{ `d g Hxs`uhgf lf~{l{x{l`f

    sg{ahs {agf `d lfkltlkxgb hxs` gshg n`xf{slh~

    !~hh C`q > d`s j`sh kh{glb~,& F`fh{ahbh~~" g~ hxs`

    gshg n`xf{slh~ gsh hf{hslfi lf{` n`jjl{jhf{~

    {` us`tlkh gkkl{l`fgb fgfnh {as`xia {ah H^J

    xfkhs ~uhnln nlsnxj~{gfnh~" {ah n`f{lfihf{

    blgclbl{lh~ gsl~lfi ds`j {ah~h n`jjl{jhf{~ jx~{

    ch ngshdxbb| j`fl{`shk&

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    1>HNC

    J`f{ab| Cxbbh{lfMxb| 3577

    GS[LNBH^

    [ah Hxs`uhgf^{gclbl{| Jhnagfl~j

    Hxs` gshg n`xf{slh~ ylbb n`f{slcx{h {` {ah H^J~

    ngul{gb gnn`sklfi {` {ahls ~agsh lf {ah HNC~

    ngul{gb oh|" yalna ilth~ hwxgb yhlia{ {` {ah

    n`xf{s|~ ~agsh~ lf {ah {`{gb u`uxbg{l`f gfk {`{gb

    IKU" sh~uhn{lthb|" `d {ah HX& A`yhths" hxs`gshg n`xf{slh~ {ag{ agth g shbg{lthb| b`y IKU

    uhs ngul{g !l&h& chb`y 98( `d {ah HX gthsgih,"

    ylbb ~hh {ahls n`f{slcx{l`f shkxnhk d`s g

    jgqljxj uhsl`k `d 73 |hgs~ gd{hs {ah hf{s| lf{`

    d`snh `d {ah H^J `s gd{hs {ahls hf{s| lf{` {ah

    hxs` gshg&1

    [al~ {hju`sgs| n`sshn{l`f ylbb ch g~ d`bb`y~= H^J ~agsh : HNC1

    oh| ~agsh * 5&98-!HNC oh| ~agsh * is`~~ fg{l`fgb lfn`jh ~agsh,&

    cg~l~ `d {ah NJDC~ `ulfl`f" Hxs`~{g{ khnlkhk {ag{ {ah dhg{xsh~ `d {ah H^J ygssgf{ klddhshf{

    {shg{jhf{ {` {ag{ `d {ah HD^D" yalna {ah H^J ylbb shubgnh lf jlk*357>& 7

    Dhg{xsh~ gfk ~{g{l~{lngb {shg{jhf{ `d {ah Hxs`uhgf Dlfgfnlgb ^{gclbl{| Dgnlbl{|

    [ah HD^D yg~ ~h{ xu {` bhfk j`fh| {` hxs` gshg n`xf{slh~ lf fgfnlgb kldnxb{lh~& L{~ c`ss`ylfi

    l~ ixgsgf{hhk c| {ah `{ahs hxs` gshg n`xf{slh~& L{ yg~ ~h{ xu g~ g usltg{h n`jugf| xfkhs

    Bxqhjc`xsi bgy yl{a ths| bljl{hk ngul{gb shbg{lth {` l{~ c`ss`ylfi gfk bhfklfi ngugnl{lh~& L{~

    jglf gn{ltl{lh~ gsh kh{hsjlfhk c| {ah Hxs`is`xu&

    G~ {ah HD^D l~ gn{lfi `f chagbd `d {ah ixgsgf{`s hxs` gshg n`xf{slh~ yahf bhfklfi {` g n`xf{s|

    lf fhhk" ~xna g bhfklfi `uhsg{l`f l~ s`x{hk {as`xia {ah i`thsfjhf{ gnn`xf{~ `d {ah ixgsgf{`s

    n`xf{slh~& [al~ jhgf~ {ag{ d`s jgns`hn`f`jln ~{g{l~{lngb uxsu`~h~ {ah j`fh| {ag{ g chfhnlgs|

    n`xf{s| c`ss`y~ ds`j {ah HD^D l~ f`{ shn`skhk g~ g klshn{ b`gf ds`j {ah HD^D {` {ag{ n`xf{s|

    cx{ g~ g b`gf ds`j {ah HD^D {` {ah ixgsgf{`s n`xf{slh~& [ah~h ixgsgf{`s n`xf{slh~ lf {xsf bhfk

    {ah j`fh| {` {ah n`xf{s| lf fhhk& [al~ jh{a`k `d shn`sklfi jhgf~ {ag{ f`{ `fb| k`h~ {ah

    is`~~ i`thsfjhf{ khc{ `d {ah n`xf{s| lf fhhk lfnshg~h" cx{ gb~` {ah is`~~ i`thsfjhf{ khc{

    `d {ah ixgsgf{`s n`xf{slh~ lf us`u`s{l`f {` {ahls sh~uhn{lth ~agsh~ lf {ah ixgsgf{hh~ us`tlkhk

    {` {ah HD^D&

    Lf ~xc~{gfnh" {ah ~xuu`s{ `uhsg{l`f~ `d {ah HD^D gsh {ahshc| {shg{hk lf g ~ljlbgs yg| {` {ah

    n``sklfg{hk clbg{hsgb b`gf~ {` Ishhnh ds`j {ah `{ahs hxs` gshg n`xf{slh~&

    Dhg{xsh~ gfk ~{g{l~{lngb {shg{jhf{ `d {ah Hxs`uhgf ^{gclbl{| Jhnagfl~j

    [ah H^J ag~ ~`jh hftl~gihk dhg{xsh~ yalna ylbb jgoh l{ wxl{h klddhshf{ ds`j {ah HD^D& [ah

    H^J ylbb f`{ ch g usltg{h n`jugf| cx{ g uhsjgfhf{ lf{hsfg{l`fgb `sigfl~g{l`f" ~h{ xu c| g

    {shg{| ~lifhk c| {ah hxs` gshg n`xf{slh~& L{~ i`thsfgfnh ~{sxn{xsh ylbb gb~` ch ~ljlbgs {` {ag{ `d

    `{ahs lf{hsfg{l`fgb `sigfl~g{l`f~& J`sh`ths" {ah H^J ylbb agth g ~xc~{gf{lgb uglk*lf ngul{gb `d

    15 clbbl`f" ljub|lfi g ngugclbl{| {` chgs sl~o~ `f l{~ `yf&

    @f {ah cg~l~ `d {ah~h hftl~gihk dhg{xsh~" gfk d`bb`ylfi {ah NJDC~ `ulfl`f" Hxs`~{g{ khnlkhk

    {ag{ {ah H^J ~a`xbk ch {shg{hk lf {ah ~gjh yg| g~ ~ljlbgs lf{hsfg{l`fgb fgfnlgb `sigfl~g{l`f~

    ~xna g~ {ah LJD& B`gf~ ds`j {ah H^J {` g hxs` gshg n`xf{s| lf fhhk ylbb ch shn`skhk lf {ah~gjh yg| g~ g b`gf ds`j {ah LJD {` g Jhjchs ^{g{h !l&h& g~ g klshn{ b`gf ds`j gf lf{hsfg{l`fgb

    `sigfl~g{l`f {` {ah n`xf{s| lf wxh~{l`f,& [ahshd`sh" xfbloh {ah b`gf~ us`tlkhk c| {ah HD^D" {ah

    b`gf~ us`tlkhk c| {ah H^J ylbb f`{ ch s`x{hk {as`xia {ah gnn`xf{~ `d `{ahs hxs` gshg n`xf{slh~

    gfk ylbb {ahshd`sh f`{ lfnshg~h {ahls i`thsfjhf{ khc{&

    7 [ah NJDC `ulfl`f~ gfk Hxs ~{g{ khnl~l`f~ `f {ah HD^D gfk {ah H^J gsh gtglbgcbh `f {ah NJDC~ yhc~l{h !yyy&njdc&`si,&

  • 8/3/2019 ESM European Stability Mechanism

    14/14

    1;HNCJ`f{ab| Cxbbh{lf

    > N@FNBX^L@F^

    ^{shfi{ahfhk ~ngb" jgns`hn`f`jln gfk jgns`*

    usxkhf{lgb ~xsthlbbgfnh l~ h~~hf{lgb {` hf~xsh {ah

    ~j``{a dxfn{l`flfi `d HJX& ^{sln{ `c~hstgfnh

    `d {ah hfagfnhk {gclbl{| gfk Is`y{a Ugn{" nb`~h

    ~xsthlbbgfnh `d jgns`hn`f`jln ljcgbgfnh~

    gfk hddhn{lth hn`f`jln u`bln| n``sklfg{l`f

    ~a`xbk us`tlkh g ~gdhixgsk giglf~{ {ah cxlbk*

    xu `d ~|~{hjln sl~o~ {ag{ jlia{ {sliihs nsl~h~ `d

    n`fkhfnh `d {ah {|uh gfk jgifl{xkh {ag{ agth

    chhf hquhslhfnhk lf {ah shnhf{ ug~{& A`yhths"

    {` {ah hq{hf{ {ag{ xfd`sh~hhf hq{hsfgb ~a`no~

    ngf `nnxs" {ah sl~o `d nsl~h~ ngf fhths ch dxbb|

    hbljlfg{hk" lf ~ul{h `d ~{shfi{ahfhk ~ngb gfk

    jgns`hn`f`jln ~xsthlbbgfnh& D`s {al~ shg~`f"

    gfk lf `skhs {` hf~xsh {ah ~{gclbl{| `d {ah hxs`

    gshg g~ g ya`bh" l{ yg~ khnlkhk {` gb~` h~{gcbl~a

    g dsgjhy`so yalna n`xbk us`tlkh {hju`sgs|

    fgfnlgb ~xuu`s{ {` hxs` gshg n`xf{slh~" yl{a {ah

    glj `d us`tlklfi cslkih dxfklfi d`s {ah uhsl`k

    `d {ljh fhhkhk {` ljubhjhf{ g khhu gkmx~{jhf{

    us`isgjjh {` n`sshn{ ljcgbgfnh~&

    [ah h~{gcbl~ajhf{ `d g uhsjgfhf{ nsl~l~

    jgfgihjhf{ jhnagfl~j d`s {ah hxs` gshg ngf

    {ax~ ~xuu`s{ {ah `thsgbb ~{sxn{xsh `d HJX&

    Ds`j {ah HNC~ uhs~uhn{lth" l{ l~ nsxnlgb {ag{

    {ah hql~{hfnh `d {ah H^J" l{~ kh~lif gfk l{~

    gn{ltl{lh~ k` f`{ nshg{h j`sgb ag}gsk" cx{ sg{ahs

    ~{shfi{ahf {ah lfnhf{lth~ d`s usxkhf{ ~ngb gfk

    hn`f`jln u`blnlh~ lf gbb hxs` gshg n`xf{slh~ ths

    {ah b`fi {hsj& D`s {al~ shg~`f" l{ l~ h~~hf{lgb {ag{

    gf|

    fgfnlgb g~~l~{gfnh ylbb ch ~xcmhn{ {` ths|~{sln{ jgns`hn`f`jln u`bln| n`fkl{l`fgbl{| gfk

    ch isgf{hk `f f`f*n`fnh~~l`fgb {hsj~&

    Dlfgfnlgb g~~l~{gfnh jx~{ f`{ gn{ g~ g ~ngb

    {sgf~dhs" cx{ `fb| g~ g blwxlkl{| cslkih {ag{

    gbb`y~ hxs` gshg n`xf{slh~ lf kl~{sh~~ {` {goh {ah

    fhnh~~gs| jhg~xsh~ {` cx| {ljh {` sh~{`sh ~ngb

    ~x~{glfgclbl{| gfk n`juh{l{lthfh~~ lf {ah jhklxj

    {hsj& [ah H^J y`xbk ch gn{ltg{hk `fb| ld

    lfkl~uhf~gcbh {` ~gdhixgskfgfnlgb ~{gclbl{| lf {ah

    hxs` gshg g~ g ya`bh& L{ l~ {ahshd`sh `d {ah x{j`~{

    lju`s{gfnh {ag{ {ah sgfih `d jhg~xsh~ d`nx~lfi`f nsl~l~ ushthf{l`f gfk u`bln| ~xsthlbbgfnh gsh

    yhbb*kh~lifhk gfk ljubhjhf{hk lf dxbb ~` {ag{

    x~lfi {ah H^J k`h~ f`{ chn`jh fhnh~~gs|&