Definition: In this task, you will be presented with a passage and have to answer a question based on your understanding of the events inferred from the passage. Try to find the best answer that is most likely to fill in "_". Note that the URLs in the text have been replaced with [Link].
Input: Greece has missed the deadline for its €1.6bn debt repayment to the International Monetary Fund, becoming the first developed country to fall into arrears on such payments. Eurozone finance ministers rejected the Greek government's new third bailout proposal just hours before it was set to default on its loans from the IMF. The last ditch attempt by the cash-strapped country to save itself advocated sidestepping the IMF altogether, and instead taking out a two-year bail-out extension using funds from the European Stability Mechanism. The potential deal would have made Germany Greece's biggest creditor as it contributes 27 per cent of the ESM - giving it a 'blocking majority' over any package.Has asked for a two-year rescue deal just hours before it is due to defaultGreece looking to sidestep the IMF and use the European Stability Mechanism insteadAlexis Tsipras previously urged Greeks to reject creditors' tough reformsFinance Minister said earlier today they would not pay by deadline19 finance ministers of the currency zone to discuss proposals tonight 
 Question:The _ is a permanent crisis resolution mechanism for countries of the euro area.

European Stability Mechanism