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Vol 21 No 9 Sept/Oct 2016

Book of the Month

Cover of Goode on Commercial Law

Goode on Commercial Law

Edited by: Ewan McKendrick
Price: £170.00

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A Debt Restructuring Mechanism for Sovereigns: Do We Need a Legal Procedure?

Edited by: Christoph G. Paulus

ISBN13: 9781849467407
Published: October 2014
Publisher: Hart Publishing
Country of Publication: UK
Format: Hardback
Price: £100.00

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The Eurozone crisis which started in spring 2010 as a Greek budget crisis has alerted Europeans that the issue of defaulting sovereigns is not one reserved just for the poor and poorest countries on this globe. The crisis painfully amplified that developed countries, too, might be hit by this phenomenon. To be sure, this insight is far from novel - the history of defaulting states reaches back into history for at least two millennia. And yet, lawyers have surprisingly abstained more or less completely from discussing this subject and developing possible solutions. Beginning with the Argentina crisis in 2001, this neglect began to vanish to a certain degree and this movement got some momentum in 2010 by the Eurozone crisis.

The present book collects contributions from authors, most of whom have participated in a conference on this issue in January 2012 at the Humboldt-Universität zu Berlin. The presentations, thus, provide a unique overview of the present discussion both from an economic and legal perspective.

Banking and Finance
Chapter 1: The Historical Experience and Economics of Sovereign Debt
A. Echoes of History: The International Financial Commission in Greece
B. The European Debt Crisis: How Did We Get into this Mess? How Can We Get out of it?
C. Why the Debt Crisis Led to a Systemic Crisis and How to Escape from it

Chapter 2: Current Measures for Dealing with Sovereign Debt - An Ad-Hoc Machinery?
A. A Legal Analysis of the Eurozone Crisis
B. Reflections on Subnational Debt and the Sovereign Crisis in Spain
C. Sovereign Debt Restructuring and the Internal Legal Framework: The Greek Experience
D. Engineering an Orderly Greek Debt Restructuring
E. How to Neutralize the Bondholder’s Treaty Rights of Arbitration in Debt Restructuring
F. Disenfranchisement in Sovereign Bonds
G. Legal Change and Sovereign Debt Crisis. The Clash between Capitalism and Democracy
in the Western Legal Tradition

Chapter 3: Dealing with Future Sovereign Debt Crises
A. The German Perspective: The Structure of the European Stability Mechanism
B. Should Politics be Replaced by a Legal Proceeding?
C. A Debt Restructuring Mechanism for European Sovereigns: An Emerging Idea
D. Do We Need a Mechanism for Solving Sovereign Debt Crises? A Rule-Based Discussion
E. The Importance of Being Prepared – A Call for a European Sovereign Debt
Restructuring Mechanism

Chapter 4: International Survey - Learning from International Precedents
A. Sovereign Debt and Exclusions from Insolvency Proceedings
B. A Skeptic’s Case for Sovereign Bankruptcy.