2. Remains extremely concerned about the ongoing euro area crisis and the threat it represents to the well-being of millions of people experiencing poverty and unemployment across the EU; points out that, in order to preserve the integrity of the Economic and Monetary Union, while pursuing structural reforms and developing a fiscal capacity for the euro area that could help absorb country-specific economic shocks or facilitate such structural reforms, alternative ways to maintain access to the markets, or to reduce the cost of borrowing for Member States, need to be found that do not rely solely on rescue mechanisms such as the ESM and ...[+++]EFSF;

2. Remains extremely concerned about the ongoing euro area crisis and the threat it represents to the well-being of millions of people experiencing poverty and unemployment across the EU; points out that, in order to preserve the integrity of the Economic and Monetary Union, while pursuing structural reforms and developing a fiscal capacity for the euro area that could help absorb country-specific economic shocks or facilitate such structural reforms, alternative ways to maintain access to the markets, or to reduce the cost of borrowing for Member States, need to be found that do not rely solely on rescue mechanisms such as the ESM and ...[+++]EFSF;

Steady delivery within the medium term EU parameters will help to build market confidence, reducing the cost of borrowing for some Member States and enabling those with greater fiscal space to increase growth enhancing investments.

While the Stability and Growth Pact rules are well-intentioned in setting down maximum borrowing guidelines for Member States, they did not foresee – and nobody could have foreseen – the current global economic crisis.

The loan is for ten years and carries an interest rate of 7 3/4%. Its issue price has been set at 99%. The terms are similar to those of the recent Belgian State loan, although the period to maturity is longer.

Subparagraph (3)(b)(v) refers to ``a statement of accounts payable'' and a similar phrase is used frequently, ``statement of loans payable,'' a ``statement showing,'' et cetera.