Eurozone fund raises 3 bn in bonds for Ireland, Portugal

5th January 2012, Comments 0 comments

The European Financial Stability Facility, the eurozone bailout fund, on Thursday raised three billion euros in three-year bonds to help financially struggling Ireland and Portugal.

"This first three-year bond placed by the EFSF was met with strong demand, with orders received close to 4.5 billion euros ($5.7 billion) from investors around the world," it said in a statement.

The issue "shows that EFSF has established itself as a quality supranational issue," the fund's deputy CEO, Christophe Frankel said.

The 440-billion-euro EFSF was created in May 2010 to protect vulnerable eurozone nations after Greece was bailed out by the European Union and the International Monetary Fund.

The temporary fund is to be replaced this year by the European Stability Mechanism (ESM).

© 2012 AFP

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