“Europe’s permanent rescue fund will invest the core of its assets in AA or higher-rated debt issued by governments, central banks, euro-area agencies and international institutions, with the power to diversify into bank debt as it grows, its draft investment guidelines say.
The European Stability Mechanism, set to go into operation next month, will keep at least 15 percent of its maximum lending volume — or 75 billion euros ($97 billion) out of an ultimate 500 billion euros — in “assets of the highest creditworthiness,” according to the guidelines obtained by Bloomberg News.”
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