How the Greek debt reorganisation of 2012 changed the rules of sovereign insolvency
This paper explores how the Greek debt reorganisation of 2012 changed the rules of sovereign insolvency. It considers the ways in which this particular sovereign bankruptcy could affect future sovereign bankruptcies.
There are at least 21 features, depending on whether you are a lumper or a splitter, which together represent a new momentum in the way of thinking in this field. Some of these 21 factors in one way or another had a precedent in some previous episode, but together they heralded either a novel direction that was unexpected or a dramatic confirmation of the underlying direction of previous trends.
Greece did not actually default on its debt. But for reasons explained in more detail later, Greece was bankrupt in the generic non-technical sense of the word: the country substantially reduced bondholder claims and needed a huge infusion of bailout cash from the public sector…
Click on the link below to read the rest of the Allen & Overy briefing.
News from Allen & Overy
News from The Lawyer
Briefings from Allen & Overy
A new Luxembourg act on the immobilisation of bearer shares and units was published in the Luxembourg Official Gazette on 14 August 2014.
OFAC has issued revised guidance relating to the status of entities owned by individuals or entities whose interests in property are blocked under executive orders.
Analysis from The Lawyer
At the time of its launch Accutrainee was described as a revolutionary change to the training model. Has it proved to be so? Not really.
Shearman & Sterling is making its presence felt in the City, squaring up to magic circle firms and looking to muscle in on key relationships. Private equity house Bridgepoint is one outfit that has had its head turned by the US firm.