European Union Said To Prepare Start Of ESM For July 9

The European Union is targeting July 9 as the start date for its permanent euro-area rescue fund, the 500 billion-euro ($620 billion) European Stability Mechanism, an EU official said.

Parliaments across the 17-nation currency union must ratify the fund before it becomes available to counter the financial crisis spawned in Greece. Until it receives 90 percent of its expected capital allotment, officials must turn to the temporary European Financial Stability Facility, a 440 billion-euro fund with 240 billion euros available.