Europe May Be Planning 1.5 Trillion Euro Backstop Fund

The European Stability Mechanism (ESM) is due to replace the European Financial Stability Facility (EFSF) in 2012, but both €500bn funds could be merged and added to a third from the International Monetary Fund (IMF) to create a super debt firewall under plans discussed at the World Economic Forum, Davos in January 2012.

ESO: Background information: Victory for Merkel over fiscal treaty http://www.europeansources.info/record/victory-for-merkel-over-fiscal-treaty/

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