Sovereign Debt and Debt Restructuring: Legal, Financial and Regulatory Aspects

Sovereign Debt Restructuring: Legal, Financial and Regulatory Aspects is a major new work addressing many of the significant issues related to the management and restructuring of sovereign debt. It provides lessons for future credit events affecting the whole range of sovereign debt financial participants, transactions and instruments. Written by leading practitioners and renowned academics, this title provides in-depth analysis of aspects of the intersection between the recent financial crisis in Europe and the law, litigation and practice of selected key international jurisdictions - mainly the United States, Europe and certain international arbitration tribunals. In particular, the book examines the main sovereign financial restructurings that have arisen in recent years; the road ahead for the countries most affected, such as Ireland, Portugal and Greece; sovereign debt litigation over the last 15 years; the analysis and application of derivatives involving sovereign debt; and the role of the arbitration tribunals in claims arising from unpaid sovereign debt.This authoritative title provides legal practitioners, academics, financial agents, financial institution officers, investment analysts and managers, investors and officials of regulatory agencies with the information they need to navigate their way through the challenges arising from one of the most complex areas of the international financial markets.

Table of Contents:
Part I: Fundamentals Fundamentals of sovereign debt 5 Eugenio A Bruno TIG Americas, Garrido Law Firm Part II: The governments, the markets, the IMF and the rating agencies The sovereign stress situation 11 Rashique Rahman Morgan Stanley The Greek sovereign debt restructuring 19 Alexander Metallinos Karatzas & Partners Behind the 2012 Greek default and restructuring 33 Arturo C Porzecanski American University Part III: Sovereign debt litigation Debt restructuring cases against sovereigns and the US Foreign Sovereign Immunities Act 51 Oliver Armas Thomas Hall Chadbourne & Parke LLP Judicial cases against sovereign countries before the Argentina case 79 Eugenio A Bruno TIG Americas, Garrido Law Firm Defence after default: US court proceedings against foreign sovereigns 89 Jonathan Blackman Sara A Sanchez Cleary Gottlieb Steen & Hamilton LLP Current trends in investment arbitration relating to sovereign bond defaults 101 Jan Bischoff Dabelstein & Passehl Sovereigns before international courts 117 Mauro Megliani Catholic University of Milan Individual versus collective enforcement rights in sovereign bonds 127 Sönke Häseler University of Hamburg Part IV: How to restructure How to restructure 141 Eugenio A Bruno TIG Americas, Garrido Law Firm Part V: Derivatives and sovereign debt Credit derivatives and sovereign debt 147 Edmund Parker Marcin Perzanowski Mayer Brown International LLP Credit derivatives and the sovereign debt restructuring process 167 Edmund Parker Marcin Perzanowski Mayer Brown International LLP Part VI: Lessons from history Lessons from history: structuring, defaulting and restructuring and the emerging markets 189 Eugenio A Bruno TIG Americas, Garrido Law Firm Part VII: Lessons from the sovereign debt restructurings of the modern era and the road ahead Lessons from the most recent restructurings 193 Eugenio A Bruno TIG Americas, Garrido Law Firm Lessons for Europe: The pre-emptive restructuring of Uruguay 201 Nicolás Piaggio Guyer & Regules Argentina: effects of the pari passu clause on future sovereign debt restructurings 209 Eugenio A Bruno TIG Americas, Garrido Law Firm About the authors 227