ESM (definition)

European Stability Mechanism (ESM) – European Commission.

An abbreviation of European Stability Mechanism, which is a permanent fund for future eurozone bailouts. An interesting feature of the ESM is that the countries it is meant to assist, Spain and Italy, are also two of its largest contributors:

(chart courtesy of ZeroHedge.com)

Note that bailed out countries Greece, Portugal and Ireland are also contributors.

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