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Legal Aspects of Sovereign Debt Restructuring


ISBN13: 9780414041349
Published: December 2009
Publisher: Sweet & Maxwell Ltd
Country of Publication: UK
Format: Hardcover
Price: £369.00



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Legal Aspects of Sovereign Debt Restructuring provides a legal analysis of the problems with sovereign debt along with a toolkit to deal with these problems. It:-

  • Discusses the concepts of how to restructure sovereign debt
  • Structured to cover the two key areas: the procedural aspects and the transactional aspects
  • Takes you through the logical sequence of steps a creditor has to consider before suing the sovereign
  • Shows how a successful judgment can be enforced
  • Covers the theoretical framework on sovereign debt restructures, including how syndicated loans were restructured into international bonds and the challenges involved
  • Describes the current decentralised market-oriented approach as opposed to the centralised, statutorily, non-market oriented approach of the "Sovereign Debt Restructuring Mechanism" proposed by the IMF and Rule 23 of the US Federal Rules of Civil Procedure
  • Gives examples of successful cases demonstrating bond restructurings in Russia, Ukraine, Pakistan, Ecuador, Uruguay, Argentina, Belize and Grenada
  • Presents the law according to English and US systems, with reference to the norms of other jurisdictions such as Argentina, Australia, Belgium, EU, Germany, Japan and Luxembourg where necessary
  • Features a workflow diagram
  • Covers all the relevant areas of the law in one publication

Subjects:
Banking and Finance
Contents:
Procedural aspects
Obtaining jurisdiction
Considering different options to sue the sovereign
Determining if the sovereign has immunity from suit
Personal and subject matter jurisdiction of the court
Act of state
Enforcing a judgment
Diplomatic missions
Central bank reserves
Payments from and to International Financial Institutions (IFIs)
Payments of other debt instruments
Military assets of the sovereign or other public enterprises
Transactional aspects
Theoretical framework on sovereign debt restructuring
Current debate: procedures and methods
Decentralised market oriented approach: voluntary and contractual approaches
Collective action clauses
Exit consents and term amendments
Other market oriented approaches
Code approach
The two-step sovereign debt restructuring procedure
Ad-hoc creditor associations or committees
Statutory arrangements
Class actions under US law
The Sovereign Debt Restructuring Mechanism (SDRM) proposed by the IMF
Different case studies
Russia
Ukraine
Pakistan
Ecuador
Uruguay
Argentina
Belize
Grenada