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As with the previous editions of The Restructuring Review, our intention is to help general counsel, government agencies and private practice lawyers understand the conditions prevailing in the global restructuring market in 2015 and 2016 and to highlight some of the more significant legal and commercial developments and trends that have been evident in recent years, and that are expected to be significant in the future.
At the time of writing, a number of factors threaten to disrupt the relatively benign global economic conditions that have prevailed in recent months. The crisis in the euro zone and in particular the distress suffered by Greece have once again been leading the news in Europe.
Elsewhere in the Orthodox world, the interventions made by Russia in Ukraine have led relations between Russia and NATO to deteriorate to their worst state since the Cold War, with firm sanctions being imposed by many western countries on Russia. The economic uncertainty caused by such tensions provides another challenge to global growth and stability.
Perhaps the most important events for global long-term economic prospects are the problems in the Chinese economy that are suggested at the time of writing by, amongst other symptoms, a dramatic decline in Chinese stock prices. Chinese economic and fiscal indicators are notoriously enigmatic, but if a serious economic crisis does affect China, as is anticipated by many commentators, such a crisis may be significantly exacerbated by the weaknesses in the Chinese banking system and the consequences for the global economy could transcend the impact of the problems in the euro zone.
With the above in mind, it seems likely that the global economy is set for a period of further uncertainty in the year to come. As such, this work continues to be relevant and important, in particular as a result of the international nature of many corporate restructurings.