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Vol 21 No 11 Nov/Dec 2016

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Sovereign Debt Management

Edited by: Rosa Maria Lastra, Lee Buchheit

ISBN13: 9780199671106
Published: January 2014
Publisher: Oxford University Press
Country of Publication: UK
Format: Hardback
Price: £187.50



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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.

Subjects:
Banking and Finance
Contents:
PART I - SOVEREIGN DEBT RESTRUCTURING
1. Minimising Hold Out Creditors: Sticks
2. Minimising Hold Out Creditors: Carrots
3. Manging Hold-outs: The case of the 2012 Greek Exchange
4. Revisiting the pari passu clause
5. The Role of the IMF
6. Debt Relief for Low Income Countries
7. The Longer Term Consequences of Sovereign Debt Restructuring

PART II - ENFORCEMENT OF SOVEREIGN DEBT
8. Defences
9. Special Immunities: Central Bank Immunity
10. Special Immunities: Bank for International Settlements
11. Creditor Remedies
12. Sovereign Arbitration

PART III - COMPLICATING FACTORS
13. Restructuring in a Monetary Union: Legal Aspects
14. Restructuring in a Monetary Union: Economic Aspects
15. Sovereign Debt and Baking Crises: An 'Arial View'
16. International Leader of Last Resort
17. Odious Debt
18. Sovereign Contingent Liabilites

PART IV - ECONOMICS OF SOVEREIGN BORROWING
19. Why Governments Default
20. Sovereign Debt Markets
21. Borrowing and Debt: How sovereigns get into trouble

PART V - PROPOSALS TO REFORM SOVEREIGN DEBT SYSTEMS
22. Statutory Sovereign Debt Resolution Mechanisms (SDRM)
23. Debt Restructuring and Economic Recovery
24. Corporate Bankruptcy Law and State Insolvencies
25. European Collective Action Clauses
26. Euro Zone Financial Rescue and Stabilization Measures and their Legal Foundations
27. UNCTAD Principles on Responsible Sovereign Financing
28. Sovereign Debt in the Light of Eternity