BRUSSELS: European Union leaders will agree next week to insert two sentences into the EU treaty to pave the way for the creation of the European Stability Mechanism (ESM) from 2013, draft conclusions of the summit showed.
The ESM was to open the way for private sector investors to take a loss in case of a sovereign debt restructuring, which would put market pressure on governments to conduct sound fiscal policies and prevent another sovereign debt crisis.
Already a subscriber? Log in.
Subscribe to win RM50 Touch 'n Go e-Voucher! More Info
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!