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Full-Text Articles in Securities Law
The Greek Debt Restructuring: An Autopsy, Jeromin Zettelmeyer, Christoph Trebesch, Mitu Gulati
The Greek Debt Restructuring: An Autopsy, Jeromin Zettelmeyer, Christoph Trebesch, Mitu Gulati
Faculty Scholarship
The Greek debt restructuring of 2012 stands out in the history of sovereign defaults. It achieved very large debt relief—over 50 percent of 2012 GDP—with minimal financial disruption, using a combination of new legal techniques, exceptionally large cash incentives, and official sector pressure on key creditors. But it did so at a cost. The timing and design of the restructuring left money on the table from the perspective of Greece, created a large risk for European taxpayers, and set precedents—particularly in its very generous treatment of holdout creditors—that are likely to make future debt restructurings in Europe more difficult.
The Problem Of Holdout Creditors In Eurozone Sovereign Debt Restructuring, Mitu Gulati, Lee C. Buchheit, Ignacio Tirado
The Problem Of Holdout Creditors In Eurozone Sovereign Debt Restructuring, Mitu Gulati, Lee C. Buchheit, Ignacio Tirado
Faculty Scholarship
The Eurozone official sector has declared that the belated restructuring of Greek bonds held by private sector creditors in 2012 was a “unique and exceptional” event, never, ever to be repeated in any other Eurozone country. Maybe so. But if this assurance proves in time to be as fragile as the official sector’s prior pronouncements on the subject of “private sector involvement” in Eurozone sovereign debt problems, any future Eurozone debt restructuring will be surely plagued by the problem of non-participating creditors --- holdouts. Indeed, it is the undisguised fear of holdouts and the prospect of a messy, Argentine-style debt …
Cds Zombies, Anna Gelpern, Mitu Gulati
Cds Zombies, Anna Gelpern, Mitu Gulati
Faculty Scholarship
This paper examines the contract interpretation strategies adopted by the International Swaps and Derivatives Association (ISDA) for its credit derivatives contracts in the Greek sovereign debt crisis. The authors argue that the economic function of sovereign credit default swaps (CDS) after Greece is limited and uncertain, partly thanks to ISDA’s insistence on textualist interpretation. Contract theory explanations for textualist preferences emphasise either transactional efficiency or relational factors, which do not fit ISDA or the derivatives market. The authors pose an alternative explanation: the embrace of textualism in this case may be a means for ISDA to reconcile the competing political …
The Eurozone Debt Crisis: The Options Now, Mitu Gulati, Lee C. Bechheit
The Eurozone Debt Crisis: The Options Now, Mitu Gulati, Lee C. Bechheit
Faculty Scholarship
The Eurozone debt crisis is entering its third year. The original objective of the official sector’s response to the crisis -- containment -- has failed. All of the countries of peripheral Europe are now in play; three of them (Greece, Ireland and Portugal) operate under full official sector bailout programs.
The prospect of the crisis engulfing the larger peripheral countries, Spain and Italy, has sparked a new round of official sector containment measures. These will involve active intervention by official sector players such as the European Central Bank in order to preserve market access for the affected countries.
This article …
The Eu Challenge To The Sec, Roberta S. Karmel
The Eu Challenge To The Sec, Roberta S. Karmel
Faculty Scholarship
No abstract provided.
The Eu Challenge To The Sec, Roberta S. Karmel
The Eu Challenge To The Sec, Roberta S. Karmel
Faculty Scholarship
No abstract provided.
The Once And Future New York Stock Exchange: The Regulation Of Global Exchanges, Roberta S. Karmel
The Once And Future New York Stock Exchange: The Regulation Of Global Exchanges, Roberta S. Karmel
Faculty Scholarship
No abstract provided.
Reform Of Public Company Disclosure In Europa, Roberta S. Karmel
Reform Of Public Company Disclosure In Europa, Roberta S. Karmel
Faculty Scholarship
No abstract provided.
Reform Of Public Company Disclosure In Europe, Roberta S. Karmel
Reform Of Public Company Disclosure In Europe, Roberta S. Karmel
Faculty Scholarship
No abstract provided.
The Case For A European Securities Commission, Roberta S. Karmel
The Case For A European Securities Commission, Roberta S. Karmel
Faculty Scholarship
No abstract provided.
Securities Law In The European Community: Harmony Or Cacophony?, Roberta S. Karmel
Securities Law In The European Community: Harmony Or Cacophony?, Roberta S. Karmel
Faculty Scholarship
No abstract provided.
The Second Circuit's Role In Expanding The Sec's Jurisdiction Abroad, Roberta S. Karmel
The Second Circuit's Role In Expanding The Sec's Jurisdiction Abroad, Roberta S. Karmel
Faculty Scholarship
No abstract provided.
International Securities Regulation: London's "Big Bang" And The European Securities Markets, Roberta S. Karmel
International Securities Regulation: London's "Big Bang" And The European Securities Markets, Roberta S. Karmel
Faculty Scholarship
No abstract provided.
Sec Regulation Of Multijurisdictional Offerings, Roberta S. Karmel
Sec Regulation Of Multijurisdictional Offerings, Roberta S. Karmel
Faculty Scholarship
No abstract provided.