Italy should unilaterally extend maturities for its domestic government securities to facilitate an orderly and streamlined restructuring that provides Italy with necessary debt relief. Italy’s domestic government securities are issued as decrees under a 2003 Consolidated Act (the “Act”). Article 3 of the Act explicitly grants Italy the power to unilaterally extend maturities for all domestic government securities. To exercise this restructuring power, the Ministry of Economy and Finance (the “Ministry”) must issue a framework decree that authorizes the Treasury to unilaterally reprofile Italy’s debt. In 2011, Edelen et al. first proposed that Italy had the authority under its existing laws to unilaterally reprofile its sovereign debt. The following proposal expands upon and updates the Edelen et al. proposal. It demonstrates that the inclusion of the Collective Action Clauses (“CACs”) in some of its bonds does not foreclose the use of Italy’s Article 3 power. The proposal also describes the mechanics by which Italy would exercise its right to extend maturities. Unilaterally extending maturities does not require any retroactive utilization of the local law advantage. Nor does it expose Italy to significant legal risks in its domestic courts or under European treaties and conventions.

中文翻译：

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为可持续的明天重新规划今天：意大利单边债务重组

意大利应单方面延长其国内政府证券的期限，以促进有序和精简的重组，为意大利提供必要的债务减免。意大利的国内政府证券是根据 2003 年综合法案（“法案”）作为法令发行的。该法案第 3 条明确授予意大利单方面延长所有国内政府证券期限的权力。为了行使这种重组权力，经济和财政部（“该部”）必须颁布一项框架法令，授权财政部单方面重新调整意大利的债务。2011 年，Edelen 等人。首先提出，根据其现行法律，意大利有权单方面重新调整其主权债务。以下提案扩展并更新了 Edelen 等人。提议。它表明，在其某些债券中包含集体行动条款（“CAC”）并不排除意大利第 3 条权力的使用。该提案还描述了意大利行使其期限延长权的机制。单方面延长期限不需要追溯利用当地法律优势。它也不会使意大利在其国内法院或欧洲条约和公约下面临重大的法律风险。