According to the agreement reached by leaders of the European Union, called "European stability mechanism" will be a permanent relief mechanism of 750 billion euros of existing mechanisms for template design for interim relief, the International Monetary Fund (IMF) will also participate, but will be strictly IMF's practice with reference to the operation. Second, this mechanism would be to provide assistance requested by Member States, and subject to unanimous approval of the euro area member states.
Third, assistance can only be a last resort, that is, only when a crisis threatens the euro-zone countries when the overall stability of the euro area, when forced to start this mechanism. Fourth, the relief will be strict conditions attached, as Greece and Ireland, as the two countries must come up with a satisfactory program of fiscal austerity and economic reform.
Finally, if the euro-zone countries need debt restructuring, permanent relief mechanism will allow the euro area sovereign bonds held by private investors to take some losses, but how the decision will be based on the case, but this is not a prerequisite for providing assistance.Political risks remainSince the debt crisis began, the EU market, pressing harder and harder in the first introduced under the 1100 billion euro rescue package support for Greece, then through difficult negotiations and put a huge 750 billion euros of the rescue mechanism, as a possible step followed the other Greek euro area member states to provide support, but this mechanism will be temporary relief expires in June 2013.
The face of the debt crisis intensified, to establish a permanent mechanism will undoubtedly help the debt crisis facing the risk of Member States to provide a solid backing. However, EU leaders approved the "Lisbon Treaty" to amend the proposal, there are also political risks.The amendment procedure under the Treaty, the EU leaders agreed on the "Lisbon Treaty" to modifications, the program needed by the Member States approved in accordance with its internal procedures, but also need to modify the program also has legislative power in Europe Parliament's approval.