Allen & Overy, Cleary and White & Case lead on £110bn Greek bailout

The £110bn bailout was agreed yesterday by eurozone leaders and is expected to trigger large protests across the country. Under the terms of the agreement Greece must cut its debt from 160 per cent of GDP to 120.5 per cent by 2020, while the country’s creditors will take a haircut of 53.5 per cent, up from 50 per cent, on the nominal value of their bonds.

A&O, led by partners Yannis Manuelides, Katrina Buckley, Matthew Hartley and Philip Wood, advised the steering committee of the private creditor investor committee for Greece, which is comprised of private holders of Greek government bonds.

White & Case gave advice to the same steering committee, with London partners Ian Clark, Michael Doran, Mark Glengarry and Gavin McLean leading for the firm.

Greek law firm Koutalidis advised the creditors on Greek law issues, while Cleary,  led by New York-based corporate partner Lee Buchheit, was retained by Greece last summer to advise on issues of sovereign debt.