– EU bail-out scheme alters bloc treaties, says France (Financial Times):
The eurozone’s €440bn debt guarantee scheme is tantamount to the adoption of a Nato-style mutual defence clause and marks an “unprecedented” change to the bloc’s treaties, according to France’s Europe minister.
In an interview with the Financial Times, Pierre Lellouche laid bare the French government’s conviction that the emergency stabilisation scheme agreed earlier this month amounted to a fundamental revision of the European Union’s rules and a leap towards an economic government for the bloc.
“It is an enormous change,” Mr Lellouche said. “It explains some of the reticence.
It is expressly forbidden in the treaties by the famous no bail-out clause. De facto, we have changed the treaty,” he added.