European Financial Stability Facility
a.k.a. EFSF
A temporary rescue fund set up in 2010 to lend to eurozone countries in debt trouble, later succeeded by…
In plain English
A temporary rescue fund set up in 2010 to lend to eurozone countries in debt trouble, later succeeded by the ESM.
The EFSF was created in a hurry during the eurozone debt crisis. It raised money by issuing bonds backed by euro member guarantees and lent it to Ireland, Portugal and Greece.
Its permanent successor is the European Stability Mechanism.
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