Di chi è vittima l'Irlanda?

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secondo lo Spiegel c'è un documento che "the German finance minister, Wolfgang Schäuble, is preparing to present to fellow-ministers in early December.

"According to the Germans' plans, the conditions for all new bonds in the euro zone would include a debt restructuring clause as of 2013. The goal of the clause is to "make it possible to achieve a legally binding change in the payment terms through majority decisions of the creditors in the event of the debtor's inability to perform." The document lists maturity data extensions, rate reductions and debt waivers as measures.

  A neutral chief negotiator would mediate between bankrupt countries and investors. "This task should be assigned to an inter-governmental institution that can also be a provider of financing at the same time," the document reads.

  The new facility could also provide ailing countries with liquidity assistance. The money for the program would come from two sources. First, there would be the revenue from the penalties euro-zone countries would pay for repeatedly violating the upper deficit limit. Second, the euro-zone countries would pay into the fund, with their contributions possibly being based on their shares in the ECB.

  A condition for the procedure is an analysis of a country's "debt capacity" prepared by the European Commission, the ECB and the IMF. German government experts are convinced that their plan will be successful. "The affected country gets a realistic prospect of quickly regaining its reputation and trust," they write, while the creditors would receive the chance of "securing a portion of the value of their bond."

The drawback of the plan is that it cannot go into full force in 2013, because not enough bonds with restructuring clauses will be on the market right away. Recognizing this weakness, the government experts concede that there would be a transitional period. This would amount to a "period of six to eight years, for which transitional solutions will have to be found.