Translation of "dette obligataire " (French → English) :

17. Notes that the first agreement of May 2010 could not contain provisions for a restructuring of the Greek debt, despite it being first proposed by the IMF, which, in line with its usual practice, would have preferred an early debt restructuring; recalls the ECB's reluctance to consider any form of debt restructuring in 2010 and 2011 on the grounds that it would have led to the crisis having a contagion effect on other Member States, as well as its refusal to participate in the restructuring agreed in February 2012; notes that the Central Bank of Greece contributed in November 2010 to intensifying market turmoil by publicly warning i ...[+++]nvestors that ECB liquidity operations could no longer be taken for granted in the case of Greek sovereign debt; further notes that there was a commitment by Member States that their banks would retain their exposure to the Greek bond markets, which they were unable to maintain;

3. Appreciates that unused structural funds can now be used as a special guarantee fund for EIB lending, especially in Greece; highlights, furthermore, the success of EIB pilot-project bonds; calls for the continued and increased use of such bonds, and for a regular review of their efficiency, in order to boost viable investment in debt instruments which channel private capital into necessary transport, energy and ICT infrastructure projects, especially those with a cross-border dimension; believes, however, that the EIB should conduct better evaluations as to the projects in which it wishes to invest, including evaluations of the saf ...[+++]ety and risk profiles thereof;

The risk-sharing instrument for project bonds shall be designed as a subordinated debt financing in order to facilitate financing for project companies raising senior debt in the form of bonds.

– having regard to the Commission communications entitled ‘A Budget for Europe 2020’ (COM(2011)0500), ’A framework for the next generation of innovative financial instruments – the EU equity and debt platforms’ (COM(2011)0662) (‘the communication on financial instruments’), ’A growth package for integrated European infrastructures’ (COM(2011)0676), ‘An action plan to improve access to finance for SMEs’ (COM(2011)0870) and ’A pilot for the Europe 2020 Project Bond Initiative’ (COM(2011)0660),

13. Calls on the Commission to carry out an investigation into a future system of Eurobonds, with a view to determining the conditions under which such a system would be beneficial to all participating Member States and to the eurozone as a whole; points out that Eurobonds would offer a viable alternative to the US dollar bond market, and that they could foster integration of the European sovereign debt market, lower borrowing costs, increase liquidity, budgetary discipline and compliance with the Stability and Growth Pact (SGP), promote coordinated structural reforms, and make capital markets more stable, which will foster the idea of ...[+++]the euro as a global ‘safe haven’; recalls that the common issuance of Eurobonds requires a further move towards a common economic and fiscal policy;

I. whereas short-termism and speculation on the European government bond market were important aggravating factors in the eurozone sovereign deficit crisis in 2009-2010 and have exposed the close links between the drawbacks of the financial sector and the problems in guaranteeing the sustainability of public finances at times of excessive budgetary deficits and growing public and private debt,