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Call # K4450 .S67 2014
Title Sovereign debt management / edited by Rosa M. Lastra, Lee Buchheit
Imprint Oxford, United Kingdom : Oxford University Press, 2014
©2014
Book Cover
LOCATION CALL NO. STATUS
 INTL  K4450 .S67 2014    AVAILABLE

Details

Descript. lvi, 487 pages : illustrations ; 25 cm
Note Includes bibliographical references and index
"This book is also intended as a liber amoricum in honor of Lee Buchheit"--Preface
Subject Debts, Public -- Law and legislation
Alt Author Lastra, Rosa María,
Buchheit, Lee C., 1950-
Gelpern, Anna
OCLC # 859580346
Table of Contents
 Table of Casesxxxv
 Table of Legislationxxxix
 List of Contributorsxlvii
 List of Abbreviationsli
I.SOVEREIGN DEBT RESTRUCTURING 
1.Minimizing Holdout Creditors: Carrots / Elena L. Daly 
1.Introduction1
2.Context2
3.Techniques to Encourage Creditor Participation11
4.Implications35
2.Minimizing Holdout Creditors: Sticks / Elena L. Daly 
1.Introduction1
2.Context2
3.Techniques to Discourage Holdouts10
4.Conclusion35
3.Managing Holdouts: The Case of the 2012 Greek Exchange / G. Mitu Gulati 
1.Introduction: Argentina versus Greece1
2.Basics4
3.Why Did the Restructuring Succeed? Creditor Incentives24
4.Conclusions54
4.Revisiting the Pari Passu Clause / Georges Affaki 
1.Introduction1
2.Equal Ranking2
3.Earmarking of Assets10
4.Equal Payment15
5.Elliott--Peru Saga17
6.Targeting Third Parties27
7.Quest for the Origins of the Pari Passu32
8.Chaos in the Market46
9.Conclusion50
5.Role of the International Monetary Fund / Rosa M. Lastra 
1.Introduction1
2.History3
3.Tools14
4.Sovereign Debt and the IMF23
5.Conclusions64
6.Debt Relief for Low-Income Countries / Thomas A. Duvall 
1.Introduction1
2.Initial HIPC Debt Initiative3
3.Enhanced HIPC Debt Initiative12
4.Multilateral Debt Relief Initiative25
5.Conclusions29
7.Longer-Term Consequences of Sovereign Debt Restructuring / Odette Lienau 
1.Introduction1
2.Avoiding Conflation in Key Terms4
3.Possible Consequences of Selective Emphasis8
4.Focus on the Longer-Run Ramifications of Debt Restructuring15
5.Conclusion29
II.ENFORCEMENT OF SOVEREIGN DEBT 
8.Defences / Jacob H. Johnston 
1.Introduction1
2.Sovereign Debt Litigation Defences4
3.Conclusion46
9.Special Immunities: Central Bank Immunity / David Gross 
1.Introduction1
2.Argentina I8
3.Argentina II19
4.Conclusion33
10.Special Immunities: Bank for International Settlements / Diego Devos 
1.Introduction1
2.Bank for International Settlements and its Immunities3
3.BIS Immunities Challenged by Holdout Bondholders Creditors of Argentina12
4.Conclusions28
11.Creditors' Remedies / Ryan McCarl 
1.Introduction1
2.Implications of NML v. Argentina: A Pessimist's View9
3.Alternative Story: NML Capitals an Outlier27
4.Conclusion43
12.Sovereign Arbitration / Karen Halverson Cross 
1.Introduction1
2.Arbitration Clauses in Sovereign Debt Contracts2
3.Investor--State Arbitration of Sovereign Debt Disputes8
4.Conclusion52
III.COMPLICATING FACTORS 
13.Restructuring in a Monetary Union: Legal Aspects / Antonio Sainz de Vicuna 
1.Introduction1
2.Sovereign Debt Restructuring in the Case of a State Participating in the European Monetary Union: Elements of Differentiation Vis-a-Vis other Sovereign Debt Restructurings6
3.Analysis of Some Legal Issues Arising in the Restructuring of the Sovereign Debt of the Hellenic Republic in 201220
4.Legal Framework for Debt Issuance by States Participating in the European Monetary Union34
5.Idea of Establishing a Statutory Framework for Debt Restructuring within a Regional Monetary Union47
6.Conclusions50
14.Restructuring in a Monetary Union: Economic Aspects / Daniel Gros 
1.Introduction1
2.Sovereign Debt in a Monetary Union10
3.Who Holds Sovereign Debt in Europe?21
4.Strengthening Financial Market Resilience30
5.Concluding Remarks52
15.Sovereign Debt and Banking Crises: An Àrial View' / Anna Gelpern 
1.Introduction: Font Matters1
2.Far from Europe5
3.Banks or Governments9
4.Governments or Banks24
5.Back to Europe (the Doom Loop)39
6.Conclusions43
16.International Lender of Last Resort: A Floor of Support for Troubled Sovereign Debt / Adam Lerrick 
1.Introduction1
2.Third Party in a Two-Party Game8
3.For an International Lender of Last Resort: Incentives, Discipline, and Control of Risk15
4.Floor of Support to Preserve the Flow of Private Sector Funds21
5.Floor of Support to Restore Private Sector Investment Flows33
6.Floor of Support to Underpin an Orderly Restructuring42
7.Toward a Credible International Lender of Last Resort49
17.Odious Debt / Sir William Blair 
1.Introduction1
2.Position of an Assignee of the Debt9
3.Turning Metal into Gold: A Case of Alchemy20
4.Lessons to Be Learned34
5.Debt Relief (Developing Countries) Act 201038
6.Postscript42
18.Sovereign Contingent Liabilities / G. Mitu Gulati 
1.Introduction1
2.Sovereign Comfort3
3.Contingent Charms9
4.Explosion of 2008--1212
5.Precedents18
6.Restructurer's Dilemma24
7.Restructuring Sovereign Contingent Obligations33
8.Conclusions51
IV.ECONOMICS OF SOVEREIGN BORROWING 
19.Why Governments Default / Ebrahim Rahbari 
1.Introduction1
2.Enforcement of Private Debt Contracts3
3.Sovereign Default8
4.So Why Do Governments Default?26
5.Political Economy of When and How to Default as a Sovereign71
6.Conclusions80
20.Sovereign Debt Markets / Gene Frieda 
1.Introduction1
2.Sovereign Borrowing: The Last Thirty Years11
3.Macro Drivers of Demand for Sovereign Debt19
4.Emerging Market Self-Insurance and the Rise of China24
5.Surfing the China Wave29
6.Apparent End of Òriginal Sin'35
7.Sovereign Debt Demand Dynamics43
8.Financial Weapons of Mass Destruction57
9.Europe: A Microcosm of Past, Present, and Future Crises68
10.Lessons Learned, Ignored, and Forgotten86
11.Fallen Saints of Original Sin88
12.Limits of Conflict Resolution100
13.Hostages to Benchmarks and Ratings106
14.Conclusion109
21.Borrowing and Debt: How Do Sovereigns Get into Trouble? / Arturo C. Porzecanski 
1.Introduction1
2.Budgetary Outcomes7
3.Contingent Liabilities and Currency Mismatches12
4.Maturity Mismatches and High Coupons24
5.Access to Financing35
6.Indicators of Debt Sustainability44
7.Conclusions55
V.PROPOSALS TO REFORM SOVEREIGN DEBT SYSTEMS 
22.Statutory Sovereign Debt Resolution Mechanisms / Rodrigo Olivares-Caminal 
1.Introduction1
2.Sovereign Debt Restructuring Mechanism (SDRM)4
3.European Stability Mechanism: An Institution Designed to Avert Financial Crises36
4.Perfecting the Status Quo69
5.Concluding Remarks77
6.Corollary81
23.Debt Restructuring and Economic Recovery / Sean Hagan 
1.Introduction1
2.Corporate Debt Restructuring in the Context of a Systemic Crisis5
3.Resolution of Financial Institutions in a Cross-Border Context21
4.Household Debt and its Systemic Implications44
5.Restructuring Sovereign Debt: An Unresolved Problem53
6.Conclusion77
24.Corporate Bankruptcy Law and State Insolvencies / Philip R. Wood 
1.Introduction1
2.How Do Sovereign Bankruptcies Work?5
3.What Rights Do Creditors Have?12
4.Moratorium on Payments and Attachments22
5.Bankruptcy Ladder of Priorities27
6.Control of the Debtor's Financing43
7.Reorganization Plans54
8.Discharge of a Debtor65
9.Other Differences between Corporate and Sovereign Insolvencies67
10.International Bankruptcy Court68
11.General Differences in Status72
12.Conclusion73
25.European Collective Action Clauses / David Billington 
1.What is a Collective Action Clause?1
2.Holdout Creditor Problem3
3.Are CACs the Only Way?7
4.Collective Action Clauses in Sovereign Debt10
5.Move towards Standardization: Model CACs pre-201317
6.European Sovereign Crisis and Response21
7.Model Clause in Detail25
8.Conclusion73
26.Eurozone Financial Rescue and Stabilization Measures, and their Legal Foundations / Nikita Aggarwal 
1.Introduction1
2.Background to the Crisis4
3.EU Financial Rescue and Stabilization Measures, and Legal Foundations20
4.Future Financing Measures: Longer-Term Solutions69
5.Concluding Observations76
27.UNCTAD Principles on Responsible Sovereign Financing / Yuefen Li 
1.Introduction1
2.Need for Global Principles to Promote Responsible Sovereign Financing6
3.PRSLB Tackle Global Debt Problems with Well-Rooted and Tested Principles19
4.Injecting Legitimacy into the PRSLB through its Decision-Making Process: Representation, Consultation, and Deliberation32
5.Soft Law Facilitates Endorsement and Implementation37
6.Role of the United Nations in the Global Economic Agenda and the PRSLB47
7.Concluding Remarks. The PRSLB in the Progression of International Law57
28.Sovereign Debt in the Light of Eternity / Lee C. Buchheit 
1.Introduction1
2.Moral Element3
3.Legal Element10
4.Financial Element15
5.Political Element20
 Appendix471
 Index473