Sovereign Debt Management

by Rosa Lastra, Lee Buchheit

Overview

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.

Product Details

ISBN-13:	9780199671106
Publisher:	Oxford University Press, USA
Publication date:	03/23/2014
Edition description:	New Edition
Pages:	544
Product dimensions:	9.80(w) x 7.00(h) x 1.40(d)

About the Author

Rosa Lastra, Professor in International Financial and Monetary Law, Centre for Commercial Law Studies (CCLS), Queen Mary, University of London,Lee Buchheit, Partner, Cleary Gottlieb Steen & Hamilton LLP (New York Office)

Dr. Rosa Maria Lastra is Professor in International Financial and Monetary Law at the Centre for Commercial Law Studies (CCLS), Queen Mary, University of London. She is a member of Monetary Committee of the International Law Association (MOCOMILA), a founding member of the European Shadow Financial Regulatory Committee (ESFRC), a senior research associate of the Financial Markets Group of the London School of Economics and Political Science, and an affiliated scholar of the Centre for the Study of Central Banks at New York University School of Law.

Lee C. Buchheit is a partner based in the New York office of Cleary Gottlieb Steen & Hamilton LLP.
Mr. Buchheit's practice focuses on international and corporate transactions, including Eurocurrency financial transactions, sovereign debt management, privatization and project finance.

Table of Contents

Part I - Sovereign Debt Restructuring
1. Minimising Hold Out Creditors: Sticks, Lee Buchheit & Elena Daly
2. Minimising Hold Out Creditors: Carrots, Lee Buchheit & Elena Daly
3. Manging Hold-outs: The case of the 2012 Greek Exchange, Mitu Gulati, Jeromin Zettelmeyer & Christoph Trebesch
4. Revisiting the pari passu clause, Georges Affaki
5. The Role of the IMF, Rosa Lastra
6. Debt Relief for Low Income Countries, Thomas Duvall
7. The Longer Term Consequences of Sovereign Debt Restructuring, Odette Lienau
Part II - Enforcement of Sovereign Debt
8. Defences, Carmine D. Boccuzzi Jr.
9. Special Immunities: Central Bank Immunity, Thomas Baxter & David Gross
10. Special Immunities: Bank for International Settlements, Diego Devos
11. Creditor Remedies, Mark Weidemaier & Ryan McCarl
12. Sovereign Arbitration, Karen Cross
Part III - Complicating Factors
13. Restructuring in a Monetary Union: Legal Aspects, Antonio Sainz de Vicuna
14. Restructuring in a Monetary Union: Economic Aspects, Daniel Gros
15. Sovereign Debt and Baking Crises: An 'Arial View', Anna Gelpern
16. International Leader of Last Resort, Adam Lerrick
17. Odious Debt, William Blair
18. Sovereign Contingent Liabilites, Lee Buchheit & Mitu Gulati
Part IV - Economics of Sovereign Borrowing
19. Why Governments Default, Willem Buiter & Ebrahim Rahbari
20. Sovereign Debt Markets, Gene Frieda
21. Borrowing and Debt: How sovereigns get into trouble, Arturo Porzecanski
Part V - Proposals to Reform Sovereign Debt Systems
22. Statutory Sovereign Debt Resolution Mechanisms (SDRM), Rodrigo Olivares Caminal
23. Debt Restructuring and Economic Recovery, Sean Hagan
24. Corporate Bankruptcy Law and State Insolvencies, Philip Wood
25. European Collective Action Clauses, David Billington
26. Euro Zone Financial Rescue and Stabilization Measures and their Legal Foundations, Andrew Yianni
27. UNCTAD Principles on Responsible Sovereign Financing, Juan Pablo Bohoslavsky & Yuefen Li
28. Sovereign Debt in the Light of Eternity, Lee Buchheit