In this paper we consider the equivariant 2+1 dimensional Einstein-wave map system and show that if the target satisfies the so called Grillakis condition, then global existence holds. In view of the fact that the 3+1 vacuum Einstein equations with a spacelike translational Killing field reduce to a 2+1 dimensional Einstein-wave map system with target the hyperbolic plane, which in particular satisfies the Grillakis condition, this work proves global existence for the equivariant class of such spacetimes.