How are the EFSF and ESM different?
| EFSF | ESM | |
| Legal structure | Private company under Luxembourg law | Intergovernmental institution under international law |
| Type of organisation | Temporary (no new lending since July 2013) | Permanent |
| How bonds are guaranteed | Backed by guarantees of EFSF Member States | €80.55 billion in paid-in capital, plus €624.3 billion in committed callable capital |
| Creditor status | Pari passu (equal among other creditors) | Preferred creditor status (after IMF) |