The E.U. is focused on its full implementation of the European Stability Mechanism that will hold funds totaling at EUR 500 billion (USD 620 billion). The main purpose of the ESM is to resolve the repercussions of the recession that forced Ireland, Portugal and Greece to request a bailout. Until 90% of the anticipated funds are obtained by the ESM, the European Financial Stability Facility, holding accessible EUR 240 billion out of EUR 440 billion, serves as the main point of contact for government officials. The scheduled start date is 9 July; however, if Germany, who provides 27% of the resources, ratifies the fund in June, it may start running 1 July.