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ESM reform doesn't increase probability of debt restructuring - Gualtieri

ESM reform doesn't increase probability of debt restructuring - Gualtieri
FILE PHOTO: Italian Finance and Economy Minister Roberto Gualtieri arrives for the informal meeting of ministers for economic and financial affairs (ECOFIN) and Eurogroup in Helsinki, Finland, 13 September 2019. Lehtikuva/Martti Kainulainen via REUTERS -
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LEHTIKUVA(Reuters)
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ROME (Reuters) – Italian Economy Minister Roberto Gualtieri said on Wednesday that a reform of the euro zone bailout fund due to be approved by euro zone leaders next month does not make sovereign debt restructuring more likely.

In a parliamentary hearing, Gualtieri addressed a concern raised by some politicians and economists that introducing new conditions called “single limb collective action clauses” (CACS), in sovereign bond issues raised the risk of restructuring.

“The new CACs do not increase the probability of a restructuring,” Gualtieri told the Senate panel. “Anyone who writes that the reform introduces automatic debt restructuring is saying something false.”

(Reporting by Giuseppe Fonte, writing by Gavin Jones; editing by Crispian Balmer)

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