2. Underlines the fact that the level of public and external debt in the EU peripheral countries is among the biggest in the world – a consequence of the asymmetric nature of the integration process; recalls that this debt has been the pretext for the imposition of austerity measures, whose real consequences are increased poverty and debt; considers it imperative to face the burden of debt, renegotiating (restructuring and substantially reducing) it and bringing it to sustainable levels, as a matter of urgency and of elementary just ...[+++]ice;

8. Underlines the fact that the level of public and external debt in the EU peripheral countries is among the highest in the world, which is proof of the asymmetric nature of the integration process; recalls that this debt originated in large measure in the bailouts of financial institutions that had previously engaged in abusive and speculative practices, thanks to the lack of appropriate regulation and democratic control of the economy; denounces the fact that public debt has been the pretext for the imposition of austerity measures, the consequences of which are increased poverty, the violation of fundamental social and human rights ...[+++], and more debt; considers it imperative to face the burden of debt, renegotiating (restructuring and substantially reducing) it, bringing it to sustainable levels, as a matter of urgency and of elementary justice; calls on the Commission to come forward with a legislative proposal that bans property confiscations by banks that are directed at ordinary citizens who have been negatively affected by the crisis;

For the separate reporting of new business volumes of renegotiated loans to households and non-financial corporations in MFI interest rate statistics renegotiated loans comprise all new business loans, other than revolving loans and overdrafts and credit card debt, which have been granted but not yet repaid at the time they are renegotiated’.

For the separate reporting of new business volumes of renegotiated loans to households and non-financial corporations in MFI interest rate statistics, renegotiation refers to new business loans, other than credit card debt and revolving loans and overdrafts, already on the balance sheet of the reporting agent at the end of the month preceding the reference month.

Paragraphs 22 to 23 on renegotiated loans refer only to loans other than revolving loans, overdrafts and credit card debt.

In July 1997 Refractarios asked Fogasa to renegotiate the debt, but Fogasa did not agree to this proposal.