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Eurozone Sovereign Debt Restructuring: promising legal prospects?

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Author Info

  • Miller, Marcus

    (University of Warwick)

  • Thomas, Dania

    (University of Glasgow)

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    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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