Debt crisis: Finland threat to plans to unleash ESM After the Summit, leaders said they had agree to deploy the European Financial Stability Facility (EFSF) and its successor the ESM to buy bonds but have not yet revealed details of how. Without giving detail, it said the ECB "has agreed to serve as an agent to EFSF/ESM in conducting market operations in an effective and efficient manner." The threat of opposition caused the euro to fall against the US dollar. But stockmarkets rose as traders continued to bet that the Summit agreements would come through. The Stoxx Europe 600 index closed up 1.5pc; Germany's DAX rose 1.2pc; France's CAC added 1.4pc. In London, the FTSE 100 finished 1.2pc. Meanwhile, Joerg Asmussen, an ECB policymaker, urged for faster action to re-negotiate the terms of Greece's €130bn bail-out programme. He said in a speech yesterday: "The first priority for the new Greek government has to be getting the programme back on track. In France the new Socialist government warned that to meet its budget targets it must find €10bn extra savings this year and €33bn next year.