[..] Lei ritiene che il Mesl’ESM debba fare un’analisi stringente della sostenibilità del debito con l’idea di imporre delle perdite anche degli obbligazionisti prima di mettere a disposizione il denaro degli altri paesi per sostenere un governo in crisi? Philip Lane: I think the risk associated with this approach is well understood. But please remember: what is the alternative?
To argue that under zero circumstances there can be a sovereign debt restructuring is not plausible. Please remember also: the foundation of the European Union, of the European Monetary Union, is that in extreme circumstances there cannot be a 100 percent guarantee on any sovereign. At the same time, please remember that this reform is in no way suggesting any level of automatic restructuring.