Vienna, 30 March 2012 Fekter: "Protective wall totalling EUR 800 billion will calm markets"

"The new total of over EUR 800 billion is based on the planned credit total of the ESM, the rescue mechanism to be launched in July, of EUR 500 billion, and all funds already paid out or pledged to Greece, Portugal and Ireland in the sum of c. EUR 300 billion," declared Finance Minister Dr Maria Fekter.

German Federal Chancellor Angela Merkel also spoke out in favour of this parallel function a few days ago.

"In addition, as euro finance ministers, we decided in Copenhagen that the EUR 240 billion still available from the fixed-term rescue fund, the EFSF, will be temporarily retained as a buffer until the ESM is endowed with an adequate credit total," Fekter went on to explain.

"I am confident that the decisions taken will establish calm on the nervous financial markets. The markets are indeed already signalling relative calm. This shows that investors can live with what we have set up here," concluded Fekter.