It is in light of the PSI being confirmed as an exceptional case that we should interpret both the amendments to the collective action clauses and the possibility that the reform gives to the ESM to facilitate dialogue between a country and private investors, only if the country so requests, ‘on a voluntary, informal, non-binding, temporary and confidential basis’ (recital 12).
To conclude this discussion of the amendments that the reform intends to make to financial assistance procedures, I would like to point out that a country with high public debt, especially a country with great economic weight in the euro area, must first of all create a situation in which there is no need to turn to the ESM; how to obtain funding is not irrelevant but should not be the focal point.