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Eurozone Sovereign Debt Restructuring: promising legal prospects?

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  • Miller, Marcus

    (University of Warwick)

  • Thomas, Dania

    (University of Glasgow)

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.

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File URL: http://www2.warwick.ac.uk/fac/soc/economics/research/centres/cage/research/wpfeed/144-2013_miller_wp.pdf
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Bibliographic Info

Paper provided by Competitive Advantage in the Global Economy (CAGE) in its series CAGE Online Working Paper Series with number 144.

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Date of creation: 2013
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Handle: RePEc:cge:wacage:144

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Keywords: Eurozone;

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  1. Kenneth Rogoff, 1999. "International Institutions for Reducing Global Financial Instability," NBER Working Papers 7265, National Bureau of Economic Research, Inc.
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