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Sovereign Debt Management
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Sovereign Debt Management

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Overview
Published Jan 2014 (OUP)
ISBN: 9780199671106. Hard Cover, 544 pages.
Description

Rosa Lastra, Lee Buchheit

  • The most comprehensive work on the subject
  • Written by practitioners and scholars of world renown, general counsel of institutions such as the World Bank, IMF and BIS, and leading economists
  • Brings together all of the current thinking on this rapidly growing topic

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.

Readership: The primary market consists of legal practitioners, academics, and regulators and there is a secondary market amongst economists and policy-makers interested in sovereign debt.

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

Dr. Rosa María 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.

Contributors: 

Lee Buchheit 
Elena Daly
Mitu Gulati
Jeromin Zettelmeyer
Christoph Trebesch
Georges Affaki
Rosa Lastra
Thomas Duvall
Odette Lienau
Carmine D. Boccuzzi Jr.
Thomas Baxter
David Gross
Diego Devos
Mark Weidemaier
Ryan McCarl
Karen Cross
Antonio Sainz de Vicuña
Daniel Gros
Anna Gelpern
Adam Lerrick
William Blair
Willem Buiter
Ebrahim Rahbari
Gene Frieda
Arturo Porzecanski
Rodrigo Olivares-Caminal
Sean Hagan 
Philip Wood
David Billington
Andrew Yianni
Nikita Aggarwal
Juan Pablo Bohoslavsky 
Yuefen Li

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


 

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