The Right to Restructure Sovereign Debt
نویسندگان
چکیده
منابع مشابه
Take the Short Route∗ How to repay and restructure sovereign debt with multiple maturities
We address the question of whether and how a sovereign should reduce its external indebtedness when default is a significant possibility, with a particular focus on whether a sovereign should buy back or dilute existing long-term sovereign bonds. Our main finding is that when reduction of debt is optimal, the sovereign should remain passive in the long-term bond market during the deleveraging p...
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In this chapter, we use a benchmark limited-commitment model to explore key issues in the economics of sovereign debt. After highlighting conceptual issues that distinguish sovereign debt as well as reviewing a number of empirical facts, we use the model to discuss debt overhang, risk sharing, and capital flows in an environment of limited enforcement. We also discuss recent progress on default...
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What role did the US courts play in the Argentine debt swap of 2005? What implications does this have for the future of creditor rights in sovereign bond markets? The judge in the Argentine case has, it appears, deftly exploited creditor heterogeneity – between holdouts seeking capital gains and institutional investors wanting a settlement – to promote a swap with a supermajority of creditors. ...
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The Greek restructuring of March 2012 illustrates how non-price contract terms can have a significant effect on the pricing of sovereign debt. In the Greek restructuring, bonds governed by local law suffered NPV haircuts in the range of 60-75%, whereas those bonds governed by foreign law were paid in full and on time. Other contract parameters such as the currency in which the debt is denominat...
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nancial crises is one of the gravest threats to an open and liberal international economic order... Recent events in Turkey and Argentina demonstrate that financial crises with potentially profound consequences for economic and political stability are not a thing of the past. They also demonstrate the continued urgency of finding practical and concrete means to handle the crises that do occur.”...
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ژورنال
عنوان ژورنال: Journal of International Economic Law
سال: 2017
ISSN: 1369-3034,1464-3758
DOI: 10.1093/jiel/jgx005