A “Typus” as an Appropriate Legal Tool for the Interpretation of the “No Bail-out” Clause: The ‘Private Investor Principle’
Katerina Pantazatou
Michail Rodopoulos
2015/ No. 2
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A "Typus" as an Appropriate Legal Tool for the Interpretation
of the "No Bail-out" Clause: The 'Private Investor Principle'

Katerina Pantazatou
FNR - Marie Curie Post-Doctoral Researcher, University of Luxembourg

Michail Rodopoulos
LL.M, PhD Candidate, Law School University of Athens,
Re¬search Associate at the Centre of International and European Eco¬nomic Law

The purpose of this paper is to present the academic debate on the interpretation of Article 125 TFEU and to critically demonstrate the jurisprudential controversy that surrounds this provision, both from the CJEU standpoint as well as the Bundesverfassungsgericht's angle. While we believe that the Court interpreted rightly the provision at issue, we argue that it has left certain questions unanswered. The second part of the paper will develop our suggestion regarding the need to construct and adopt a 'typus', along the lines and by analogy to the 'private investor principle', as an appropriate form of legal reasoning for the interpretation of the 'no bail-out clause' proviso, that would allow more legal certainty as to the persisting question of what kind of financial assistance meets the purpose of Article 125 TFEU.

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