He reiterated that in October 2009 the EC began a programme of action "in favour of efficient, safe and solid derivatives markets." The EC "will examine closely the relevance of banning purely speculative naked sales on CDS of sovereign debt".
In a statement issued at the plenary session in Strasbourg, President Barroso said that the Commission has been actively working with euro area member states to design a mechanism which Greece could use in case of need. "Such a mechanism would be in conformity with the current Lisbon Treaty, in particular with the no bail-out clause" and "it would include stringent conditionality."
He also addressed the question of derivatives. Barroso reiterated that since October 2009 the Commission has begun a programme of action "in favour of efficient, safe and solid derivatives markets." He also announced that the College "will examine closely the relevance of banning purely speculative naked sales on Credit Default Swaps (CDS) of sovereign debt" , in coordination with international and bilateral partners
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