"We have had great success with eFSM
and I feel it is the future of how we will do business," he said.
The proposal to use the EFSM
for the bridge loan is controversial because Britain and the Czech Republic are strongly opposed to it.
An extension of the EFSM
loans will therefore have to be approved by all EU countries.
Britain, which refused to allow the EFSM
fund to be used for Greece's bailout in the past, restated its objections on Tuesday, calling the option a complete "non-starter".
issues bonds backed by all 28 European Union members and was used to help Ireland and Portugal.
The EU had discussed the possibility of using the funds of the European Financial Stability Mechanism (EFSM
) to provide Greece with about 8.6 billion euro, during their meeting in Brussels on Wednesday.
It was preceded by the European Financial Stability Facility (EFSF) and the European Financial Stabilisation Mechanism (EFSM
As a permanent mechanism, the ESM will take over the tasks currently fulfilled by the European Financial Stability Facility and the European Financial Stabilisation Mechanism (EFSM
Dombrovskis said the best possible avenue for this bridge financing is by the European Financial Stability Mechanism (EFSM
), the emergency EU fund.
The ESM is planned as an institution to manage a permanent rescue funding programme following the temporary European Financial Stability Facility (EFSF) and European Financial Stabilisation Mechanism (EFSM
) in the 17-member Eurozone.