|05 December, 2019

Italy says ESM reform clauses on debt restructuring might be in annexes

Rome will present a comprehensive proposal on the banking union and monetary union reforms, minister Roberto Gualtieri added.

ROME- Italy's economy minister said on Thursday that Rome is still discussing whether clauses aimed at preventing holdout investors blocking any debt restructuring should go in the new treaty covering the euro zone bailout fund or in its annexes.

Rome will present a comprehensive proposal on the banking union and monetary union reforms, minister Roberto Gualtieri added.

"We are still discussing if single limb collective action clauses (CACS) will be included in the treaty or in annexes," Gualtieri told reporters at the end of the European Union finance ministers meeting where the issue of the European Stability Mechanism (ESM) reform was addressed.

(Reporting by Giselda Vagnoni; Editing by Hugh Lawson) ((giselda.vagnoni@thomsonreuters.com; +39 06 85224210;))

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