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Italy to be third biggest contributor of ESM: FinMin

(Xinhua)

08:41, July 19, 2012

ROME, July 18 (Xinhua) -- Italy will be the third biggest contributor of the new European Stability Mechanism (ESM) with a quota of 17.99 percent of the fund, Finance Minister Vittorio Grilli said in a parliament briefing on Wednesday.

"Italy will contribute 14.33 billion euros (17.55 billion U.S. dollars) to the ESM by 2014," the third largest contributor of the bailout mechanism after Germany and France, Grilli said.

"There has been a very strong acceleration of decisional mechanisms in the European Union (EU), and I am optimistic about it," Grilli said, adding he was not worried by the fact the ESM will not be running by August as previously planned.

During a crucial summit in June, European leaders agreed to use existing funds from the permanent rescue mechanism to recapitalize troubled banks and support the bonds of those countries facing soaring borrowing costs to create an "anti-spread" shield.

Italy's Prime Minister Mario Monti has recently reaffirmed that the crisis-hit Mediterranean country does not need such support at the moment, but he did not rule this option out in the future.

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