To make the no-bailout clause credible and to enhance the effectiveness of crisis assistance, private creditors should contribute to crisis resolution in the Eurozone.This column proposes a mechanism to allow for orderly restructuring of sovereign debt as part of ESM programmes.If debt exceeds certain thresholds,the mechanism triggers an immediate maturity extension.In a second stage, a deeper debt restructuring could follow, depending on the solvency of a country.The mechanism could be easily implemented by amending ESM guidelines.[…]