The European Stability Mechanism (ESM) is an agency within the European Union that provides financial assistance to eurozone member states and banks. It is the successor to the European Financial Stability Facility.
The ESM can "bailout" countries, by giving them loans, or banks, by providing them with fresh capital. Its lending limit has been set by EU law at 500 billion euros ($551 billion). This page is an automatic compilation of the latest news involving the ESM.