Eurozone Sovereign Debt Restructuring: promising legal prospects?

Marcus Miller and Dania Thomas
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Dania Thomas: University of Glasgow

CAGE Online Working Paper Series from Competitive Advantage in the Global Economy (CAGE)

Abstract: The Eurozone debt crisis has stimulated lively debate on mechanisms for sovereign debt restructuring. The immediate threat of exit and the breakup of the currency union may have abated; but the problem of dealing with significant debt overhang remains. After considering two broad approaches - institutional versus contractual – we look at a hybrid solution that combines the best of both. In addition to debt contracts with Collective Action Clauses, this includes a key amendment to the Treaty establishing the European Stability Mechanism, together with innovative statecontingent contracts and a Special Purpose Vehicle to market them.

Keywords: Eurozone (search for similar items in EconPapers)
Date: 2013
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Persistent link: https://EconPapers.repec.org/RePEc:cge:wacage:144

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