Sovereign Debt Management

Sovereign debt is a complex and highly topical area of law and this work represents a new main reference book on the subject bringing together contributions from world leading practitioners, scholars and regulators. Divided into five parts the book opens with a part on restructuring which analyses contractual provisions and the role of institutions such as the International Monetary Fund. The second part, on enforcement, considers the position of a sovereign as a defendant analyzing the availability of special immunities and matters of defense and arbitration pertinent to sovereign debt. Part three of the book is concerned with complicating factors such as economic, political or banking crises and how these relate and complicate the task of addressing an unsustainable sovereign debt stock. In this section the particular and topical issues concerned with restructuring in a monetary union are explained. The fourth part provides economists' explanations of why and how sovereigns borrow and the causes of a sovereign debt, which enriches understanding by providing context to the purely legal aspects of the work. The book closes with a section which covers proposed reform to sovereign debt systems. Dedicated to the leading expert Lee Buchheit, this work contains comprehensive and rigorous analysis on sovereign debt management which no specialist should be without.PART I - SOVEREIGN DEBT RESTRUCTURING ; 1. Minimising Hold Out Creditors: Sticks ; 2. Minimising Hold Out Creditors: Carrots ; 3. Managing Hold-outs: The case of the 2012 Greek Exchange ; 4. Revisiting the pari passu clause ; 5. The Role of the IMF ; 6. Debt Relief for Low Income Countries ; 7. The Longer Term Consequences of Sovereign Debt Restructuring ; PART II - ENFORCEMENT OF SOVEREIGN DEBT ; 8. Defences ; 9. Special Immunities: Central Bank Immunity ; 10. Special Immunities: Bank for International Settlements ; 11. Creditor Remedies ; 12. Sovereign Arbitration ; PART III - COMPLICATING FACTORS ; 13. Restructuring in a Monetary Union: Legal Aspects ; 14. Restructuring in a Monetary Union: Economic Aspects ; 15. Sovereign Debt and Banking Crises: An 'Arial View' ; 16. International Leader of Last Resort ; 17. Odious Debt ; 18. Sovereign Contingent Liabilites ; PART IV - ECONOMICS OF SOVEREIGN BORROWING ; 19. Why Governments Default ; 20. Sovereign Debt Markets ; 21. Borrowing and Debt: How sovereigns get into trouble ; PART V - PROPOSALS TO REFORM SOVEREIGN DEBT SYSTEMS ; 22. Statutory Sovereign Debt Resolution Mechanisms (SDRM) ; 23. Debt Restructuring and Economic Recovery ; 24. Corporate Bankruptcy Law and State Insolvencies ; 25. European Collective Action Clauses ; 26. Euro Zone Financial Rescue and Stabilization Measures and their Legal Foundations ; 27. UNCTAD Principles on Responsible Sovereign Financing ; 28. Sovereign Debt in the Light of Eternity