DE Phrasen mit owe s.b. a debt of gratitude EN Übersetzungen
- Mitglied der Group of Trustees of the Principles for Stable Capital Flows and Fair Debt Restructuring - Member of the Group of Trustees of the Principles for Stable Capital Flows and Fair Debt Restructuring
As deputy head, then head of the French debt management office from 2002 to 2007, I was a member of the EFC sub-committee on bonds and bills. As deputy head, then head of the French debt management office from 2002 to 2007, I was a member of the EFC sub-committee on bonds and bills.
The intermediation role of the ECB has grown over time with an increasing number of countries and markets being affected by the sovereign debt crisis, but part of the borrowed liquidity is being deposited at the ECB, signalling that liquidity demand is of a precautionary nature. The intermediation role of the ECB has grown over time with an increasing number of countries and markets being affected by the sovereign debt crisis, but part of the borrowed liquidity is being deposited at the ECB, signalling that liquidity demand is of a precautionary nature.
As a consequence of insufficient attention paid to debt, we are currently facing a severe sovereign debt crisis which is undermining confidence and macroeconomic and financial stability in the euro area as a whole. As a consequence of insufficient attention paid to debt, we are currently facing a severe sovereign debt crisis which is undermining confidence and macroeconomic and financial stability in the euro area as a whole.
The ECB has repeatedly made the point that honouring sovereign debt obligations has to be an essential principle of a well functioning economic system. The ECB has repeatedly made the point that honouring sovereign debt obligations has to be an essential principle of a well functioning economic system.
To prevent countries in future from the effects of a negative debt spiral, the full respect of the enforced Stability and Growth Pact is of the essence. To prevent countries in future from the effects of a negative debt spiral, the full respect of the enforced Stability and Growth Pact is of the essence.
As described in the Term Sheet, it will be for the Commission to assess, in liaison with the ECB, the existence of a risk to the ?nancial stability of the euro area as a whole, and to undertake analysis of the sustainability of the public debt of the Member State concerned, together with the IMF and in liaison with the ECB. As described in the Term Sheet, it will be for the Commission to assess, in liaison with the ECB, the existence of a risk to the ?nancial stability of the euro area as a whole, and to undertake analysis of the sustainability of the public debt of the Member State concerned, together with the IMF and in liaison with the ECB.
However, it may intervene, as an exception, in debt primary markets on the basis of a macro-economic adjustment programme with strict conditionality and if agreed by the Board of Governors by mutual agreement. However, it may intervene, as an exception, in debt primary markets on the basis of a macro-economic adjustment programme with strict conditionality and if agreed by the Board of Governors by mutual agreement.
On receipt of such a request, the Board of Governors will ask the Commission to assess, in liaison with the ECB, the existence of a risk to the financial stability of the euro area as a whole and to undertake a rigorous analysis of the sustainability of the public debt of the Member State concerned, together with the IMF and in liaison with the ECB. On receipt of such a request, the Board of Governors will ask the Commission to assess, in liaison with the ECB, the existence of a risk to the financial stability of the euro area as a whole and to undertake a rigorous analysis of the sustainability of the public debt of the Member State concerned, together with the IMF and in liaison with the ECB.
The nature and extent of this involvement will be determined on a case-by-case basis and will depend on the outcome of a debt sustainability analysis, in line with IMF practice In line with the IMF, debt is considered sustainable when a borrower is expected to be able to continue servicing its debts without an unrealistically large correction to its income and expenditure. The nature and extent of this involvement will be determined on a case-by-case basis and will depend on the outcome of a debt sustainability analysis, in line with IMF practice In line with the IMF, debt is considered sustainable when a borrower is expected to be able to continue servicing its debts without an unrealistically large correction to its income and expenditure.
If, on the basis of a sustainability analysis, it is concluded that a macro-economic adjustment programme can realistically restore the public debt to a sustainable path If, on the basis of a sustainability analysis, it is concluded that a macro-economic adjustment programme can realistically restore the public debt to a sustainable path
If, on the basis of a sustainability analysis, it is concluded that a macro-economic programme cannot realistically restore the public debt to a sustainable path, If, on the basis of a sustainability analysis, it is concluded that a macro-economic programme cannot realistically restore the public debt to a sustainable path,
the Member State will consult creditors on the design of any rescheduling or restructuring of public debt with a view to reaching negotiated solutions. the Member State will consult creditors on the design of any rescheduling or restructuring of public debt with a view to reaching negotiated solutions.
The inclusion of CACs in a bond will not imply a higher probability of default or of debt restructuring relating to that bond. The inclusion of CACs in a bond will not imply a higher probability of default or of debt restructuring relating to that bond.
Accordingly, the creditor status of sovereign debt will not be affected by the inclusion of CACs. Accordingly, the creditor status of sovereign debt will not be affected by the inclusion of CACs.