Europe Says New Rescue System Won’t Apply to Outstanding Debt
This article is for subscribers only.
European finance ministers said plans to establish a new crisis resolution mechanism, including the potential for bondholders to be held accountable, will not apply to outstanding debt.
“Any new mechanism would only come into effect after mid-2013 with no impact whatsoever on the current arrangements,” the finance ministers of Germany, France, Italy, Spain and the U.K. said in a statement distributed to reporters in Seoul today.