Bondholder Resolutions in the Courtroom

Kapitel in diesem Buch

1. Frontmatter i
2. Preface v
3. Table of Contents vii
4. The Authors ix
5. Introduction
6. The Euro Area’s Collective Action Clause – Some Questions and Answers 3
7. Private Sector Involvement in Sovereign Debt Restructuring: Model CACs for Europe
8. Identical Collective Action Clauses for different Legal Systems: A European Model 15
9. Towards a Level Playing Field 25
10. An Introduction to the Euro Area’s Model Collective Action Clause 29
11. Enfranchisement and Disenfranchisement in Collective Action Clauses 45
12. Collective Action Clauses and Litigation
13. Bondholder Resolutions in the Courtroom 73
14. Can Collective Action Clauses in Sovereign Bonds Limit Litigation Risks for States? 85
15. The Future of Sovereign Debt in Europe
16. CACs and the Restructuring of Sovereign Debt – How Would Markets React? 103
17. The Aggregation Clause in Euro Area Government Securities: Game Changer or Flavor of the Month? – Background and the Greek Experience 113
18. Sovereign Debt Restructuring: Lessons from History 149
19. A Resolvency Proceeding for Defaulting Sovereigns 181
20. Appendices
21. Appendix 1. Art. 12(3) ESM Treaty 209
22. Appendix 2. EFC Sub-Committee on EU Sovereign Debt Markets Model Collective Action Clause 211
23. Appendix 3. EFC Sub-Committee on EU Sovereign Debt Markets Supplemental Provisions to Model Collective Action Clause 225
24. Appendix 4. EFC Sub-Committee on EU Sovereign Debt Markets Model Collective Action Clause Supplemental Explanatory Note 227
25. Appendix 5. EFC Sub-Committee on EU Sovereign Debt Markets Draft Model Collective Action Clause (distributed for Comment in July 2012) 239
26. Appendix 6. EFC Sub-Committee on EU Sovereign Debt Markets Collective Action Clause Explanatory Note dated 26 July 2011 251