Eurogroup President Mario Centeno will seek a mandate to define the process of sovereign public debt restructuring. His announcement came after the publication of a letter addressed to European Council President Donald Tusk ahead of the EU Summit on June 28-29.

In making the announcement, Centeno proposed a restructuring process based on new issuance of single-limb Collective Action Clauses to prevent holdouts, Reuters reported.

The two most indebted governments in the Eurozone are Greece, with a 178% debt to GDP ratio, followed by Italy with a 130% debt to GDP.

Italy’s Finance Minister Giovanni Tria and the former chief economist at Italy Treasury Department, Lorenzo Codogno opposed the proposal, whit the latter calling the move “a bombshell,” as it could encourage investors to bet on a forthcoming restructuring process and trigger a rise in sovereign bond yields.