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.

Full Product Details

Author:   Rosa Lastra (Professor in International Financial and Monetary Law, Professor in International Financial and Monetary Law, Centre for Commercial Law Studies (CCLS), Queen Mary, University of London) ,  Lee Buchheit (Partner, Partner, Cleary Gottlieb Steen & Hamilton LLP (New York Office))
Publisher:   Oxford University Press
Imprint:   Oxford University Press
Dimensions:   Width: 17.70cm , Height: 3.50cm , Length: 25.30cm
Weight:   1.072kg
ISBN:  

9780199671106

ISBN 10:   0199671109
Pages:   544
Publication Date:   16 January 2014
Audience:   College/higher education ,  Postgraduate, Research & Scholarly
Format:   Hardback
Publisher's Status:   Active
Availability:   To order  
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Table of Contents

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

Reviews

To say that the book is a brilliant and time-saving research tool is a bit of an understatement, for the amount of research contained in this single volume is truly mind-bending. ... This is certainly an invaluable source of wisdom and insight into the thorny problems created by international debt which now aflicts developed as well as emerging countries. Phillip Taylor MBE

Author Information

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.

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