Sovereign state restructurings and credit default swaps

The purpose of this paper is to examine the impact of a sovereign state restructuring on credit default swaps.

More than half of the world’s sovereign states have been insolvent since 1980. Sovereign insolvency is a frequent fact of life and further bouts of insolvencies at the state level around the world can be expected. Hence this paper is not just about those eurozone states that are currently encountering financial difficulties. It has a wider and more generic scope…

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