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Sovereign debt is a complex and highly topical area of law and this work represents a new main reference book on the subject bringing together contributions from world leading practitioners, scholars and regulators.
Divided into five parts the book opens with a part on restructuring which analyses contractual provisions and the role of institutions such as the International Monetary Fund. The second part, on enforcement, considers the position of a sovereign as a defendant analyzing the availability of special immunities and matters of defense and arbitration pertinent to sovereign debt.
Part three of the book is concerned with complicating factors such as economic, political or banking crises and how these relate and complicate the task of addressing an unsustainable sovereign debt stock. In this section the particular and topical issues concerned with restructuring in a monetary union are explained.
The fourth part provides economists' explanations of why and how sovereigns borrow and the causes of a sovereign debt, which enriches understanding by providing context to the purely legal aspects of the work. The book closes with a section which covers proposed reform to sovereign debt systems.
Dedicated to the leading expert Lee Buchheit, this work contains comprehensive and rigorous analysis on sovereign debt management which no specialist should be without.
List of contents
Part I - Sovereign Debt Restructuring; 1. Lee Buchheit & Elena Daly: Minimising Hold Out Creditors: Sticks; 2. Lee Buchheit & Elena Daly: Minimising Hold Out Creditors: Carrots; 3. Mitu Gulati, Jeromin Zettelmeyer & Christoph Trebesch: Manging Hold-outs: The case of the 2012 Greek Exchange; 4. Georges Affaki: Revisiting the pari passu clause; 5. Rosa Lastra: The Role of the IMF; 6. Thomas Duvall: Debt Relief for Low Income Countries; 7. Odette Lienau: The Longer Term Consequences of Sovereign Debt Restructuring; Part II - Enforcement of Sovereign Debt; 8. Carmine D. Boccuzzi Jr.: Defences; 9. Thomas Baxter & David Gross: Special Immunities: Central Bank Immunity; 10. Diego Devos: Special Immunities: Bank for International Settlements; 11. Mark Weidemaier & Ryan McCarl: Creditor Remedies; 12. Karen Cross: Sovereign Arbitration; Part III - Complicating Factors; 13. Antonio Sainz de Vicuna: Restructuring in a Monetary Union: Legal Aspects; 14. Daniel Gros: Restructuring in a Monetary Union: Economic Aspects; 15. Anna Gelpern: Sovereign Debt and Baking Crises: An 'Arial View'; 16. Adam Lerrick: International Leader of Last Resort; 17. William Blair: Odious Debt; 18. Lee Buchheit & Mitu Gulati: Sovereign Contingent Liabilites; Part IV - Economics of Sovereign Borrowing; 19. Willem Buiter & Ebrahim Rahbari: Why Governments Default; 20. Gene Frieda: Sovereign Debt Markets; 21. Arturo Porzecanski: Borrowing and Debt: How sovereigns get into trouble; Part V - Proposals to Reform Sovereign Debt Systems; 22. Rodrigo Olivares Caminal: Statutory Sovereign Debt Resolution Mechanisms (SDRM); 23. Sean Hagan: Debt Restructuring and Economic Recovery; 24. Philip Wood: Corporate Bankruptcy Law and State Insolvencies; 25. David Billington: European Collective Action Clauses; 26. Andrew Yianni: Euro Zone Financial Rescue and Stabilization Measures and their Legal Foundations; 27. Juan Pablo Bohoslavsky & Yuefen Li: UNCTAD Principles on Responsible Sovereign Financing; 28. Lee Buchheit: Sovereign Debt in the Light of Eternity
About the author
Dr. Rosa María Lastra is Professor in International Financial and Monetary Law at the Centre for Commercial Law Studies (CCLS), Queen Mary, University of London. She is a member of Monetary Committee of the International Law Association (MOCOMILA), a founding member of the European Shadow Financial Regulatory Committee (ESFRC), a senior research associate of the Financial Markets Group of the London School of Economics and Political Science, and an affiliated scholar of the Centre for the Study of Central Banks at New York University School of Law.; Lee C. Buchheit is a partner based in the New York office of Cleary Gottlieb Steen & Hamilton LLP.
Mr. Buchheit's practice focuses on international and corporate transactions, including Eurocurrency financial transactions, sovereign debt management, privatization and project finance.
Summary
The most authoritative and comprehensive book available on sovereign debt management written by practitioners and scholars of world renown.
Additional text
To say that the book is a brilliant and time-saving research tool is a bit of an understatement, for the amount of research contained in this single volume is truly mind-bending. ... This is certainly an invaluable source of wisdom and insight into the thorny problems created by international debt which now aflicts developed as well as emerging countries.
Report
To say that the book is a brilliant and time-saving research tool is a bit of an understatement, for the amount of research contained in this single volume is truly mind-bending. ... This is certainly an invaluable source of wisdom and insight into the thorny problems created by international debt which now aflicts developed as well as emerging countries. Phillip Taylor MBE
