The word “restructure” was removed from the declarations of the summit on euro-zone reforms last December. However, some traces of the word have remained. An example is the affirmation that financial assistance from the ESM (European Stability Mechanism) should be given only to countries whose debts are considered sustainable, which means that if they are not, the debts must be restructured. Another example is the commitment to introduce in all government security issuances by 2022 new “single limb collective action clauses”, whose aim is to facilitate debt restructuring.
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