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Italian coalition parties to oppose part of ESM debt restructuring reforms

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Italian coalition parties to oppose part of ESM debt restructuring reforms

Parliamentarians from the two main parties in Italy's ruling coalition rejected the so-called single limb collective action clauses, in a draft resolution, that make debt restructuring easier for countries seeking a bailout under the European Stability Mechanism, Reuters reported, citing the draft resolution in question.

The clauses are part of planned reforms to the EU's bailout fund and allow a single vote to be taken for debt restructuring, with the aim to limit the ability of holdout bondholders to block restructuring agreements, the news agency noted.

The parliamentarians from the 5-Star Movement and Democratic Party also urged rejecting any measure that implied an automatic restructuring of public debt and said the government should not accept any conditions that limit banks' stock of sovereign debt, Reuters reported.