10.6092/issn.2531-6133/8655
Emerging market sovereigns issue bonds in the international capital markets governed by a foreign legal regime such as the law of England or New York State.European sovereigns, however, have been able to issue bonds governed by the issuer’s own law.In the event of a future financial crisis, this gives European sovereign issuers the ability to pass local legislation that will facilitate an eventual restructuring of their bonds -- the “local law advantage.”Greece did this in 2012 as part of a restructuring of €206 billion of Greek Government bonds.The validity of the revisions to Greek law enacted in 2012 by the Greek Parliament has been upheld in multiple judicial challenges (in Greece, Germany, Austria and before the European Court of Human Rights), as well in a major ICSID arbitration.This raises the question of whether other European sovereigns enjoying the local law advantage over their bonds can, in an emergency, rely on the power of their own legislatures to amend local law in order to facilitate a future restructuring of those instruments
application/pdf
2531-6133
8655
2
en
Lee C. Buchheit
University of Bologna Law Review
Collective Action Clauses
Use of the Local Law Advantage in the Restructuring of European Sovereign Bonds
Text.Serial.Journal
https://bolognalawreview.unibo.it/
3
Articles & Essays
2018-11-04
2018-10-31
2018-09-16
2020-01-23
172-179
UBLR
Lee C. Buchheit
2018/11/04
10.6092/issn.2531-6133/8655
172
Cleary Gottlieb Steen & Hamilton LLP
2531-6133
2
Collective Action Clauses
en
179
Use of the Local Law Advantage in the Restructuring of European Sovereign Bonds
https://bolognalawreview.unibo.it/article/download/8655/8410
3
ARTICLES & ESSAYS                                   https://doi.org/10.6092/issn.2531-6133/8655




Use of the Local Law Advantage in the Restructuring of European
Sovereign Bonds

                                                                  †




                       UNIVERSITY OF BOLOGNA LAW REVIEW

                               ISSN 2531-6133

                                [VOL.3:2 2018]
                             https://doi.org/10.6092/issn.2531-6133/8655




1. THE LOCAL LAW ADVANTAGE
                 https://doi.org/10.6092/issn.2531-6133/8655




2. GREECE 2012
                                                                 https://doi.org/10.6092/issn.2531-6133/8655




                     Κανόνες τρο ο οιήσεως τίτλων εκδόσεως ή εγγυήσεως του Ελληνικού         η οσίου      ε
συ φωνία των Ο ολογιούχων
                                              https://doi.org/10.6092/issn.2531-6133/8655




3. EX POST FACTO LAWS AND SOVEREIGN DEBT WORKOUTS
https://doi.org/10.6092/issn.2531-6133/8655
https://doi.org/10.6092/issn.2531-6133/8655
https://doi.org/10.6092/issn.2531-6133/8655
