The European Financial Stability Mechanism

The European Financial Stability Facility (EFSF) was created as a temporary crisis resolution mechanism by the euro area countries in June 2010. It has provided financial assistance to Ireland, Portugal, and Greece. The assistance was funded through bonds and other debt instruments in the capital markets.
On June 7, 2010, the Eurogroup approved its establishment and decided that it would be governed under the status of a limited liability company, headquartered in Luxembourg and subject to the corresponding laws that the latter defines.