What is the impact on the EFSF/ESM funding strategy?

The funding strategy remains unchanged. The ESM and EFSF will remain present as an issuer in benchmark sizes along the entire yield curve.

For internal purposes, the ESM has created a portfolio that will contain the proceeds of all the operations required to fund the short-term measures, known as the ‘Greek Compartment’. This will enable us to isolate these costs, and pass them on directly to Greece, so that other beneficiary countries don’t bear any extra cost.