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This principle was endorsed on 17 July 2015 by a joint statement of the Commission and the Council. It was agreed along with a decision to grant €7.16bn in short term financial assistance to Greece under the EFSM.
Specifically, the regulation ensures that financial assistance from the EFSM to a euro area member state will only be granted if legally binding provisions are in place guaranteeing that non-euro area member states are immediately and fully compensated for any liability they may incur as a result of a failure by the beneficiary to repay the financial assistance in accordance with its terms.
The regulation was adopted by written procedure.