Part III Sovereign Debt Restructuring, 10 An Introduction to Sovereign Debt Restructuring

2016 ◽  
Author(s):  
Olivares-Caminal Rodrigo ◽  
Douglas John ◽  
Guynn Randall ◽  
Kornberg Alan ◽  
Paterson Sarah ◽  
...  
Keyword(s):  
New York ◽  
Sovereign Debt ◽  
Debt Crisis ◽  
Hedge Fund ◽  
Sovereign Debt Crisis ◽  
Debt Restructuring ◽  
New Developments ◽  
Unsecured Debt ◽  
Brady Plan ◽  
The Eu

This chapter starts by introducing the Brady Plan which aimed to address the debt crisis that occurred in the developing countries during the 1980s. The chapter also looks at new developments which have taken place in the area of sovereign debt restructuring since the Brady Plan. These are the EU sovereign debt crisis, and the ongoing Argentine litigation in New York. The former is a debt crisis that was originated in Greece in late 2009 and has been taking place in other Euro-areas ever since and has affected Portugal, Ireland, Spain, and Cyprus. The ongoing Argentine litigation in New York relates to a claim initiated by a hedge fund to collect on defaulted debt obligations issued by Argentina based on the breach of the pari passu clause. The pari passu clause is a standard clause in public or private international unsecured debt obligations.

The DOs and DON’Ts of credit default swaps (CDS) in the context of the EU sovereign debt crisis

2013 ◽  
Vol 15 (1) ◽  
pp. 87-104
Author(s):  
Rodrigo Olivares-Caminal ◽  
Kiriakos E Papadakis ◽  
Olga Galazoula ◽  
Ioannis Kokkoris
Keyword(s):  
Sovereign Debt ◽  
Debt Crisis ◽  
Credit Default Swaps ◽  
Sovereign Debt Crisis ◽  
Credit Default ◽  
The Eu

scholarly journals Searching for the Soul of Europe: The Impact of the Sovereign Debt Crisis on an ‘Ever Closer Union’

2021 ◽  
Author(s):  
◽  
Finnian O’Dwyer-Cunliffe
Keyword(s):  
Sovereign Debt ◽  
Debt Crisis ◽  
Ripple Effect ◽  
Sovereign Debt Crisis ◽  
Political Actors ◽  
Shifting Balance ◽  
The Status ◽  
Fiscal Austerity ◽  
The Impact ◽  
The Eu

<p>The destruction of global financial markets and the collapse of the Greek and Irish economies in 2010 caused a ripple effect that spread across the Eurozone and presented the EU with an unprecedented crisis. The level of economic devastation led many to question the integrity of the single currency and the direction of the European project as a whole. This thesis has examined three rounds of debate during the Sovereign Debt Crisis between 2010 and 2014, in order to ascertain the effect of this period on three competing ‘visions’ for the future of Europe. It has found that efforts to reform economic governance in the EU in the wake of the crisis have for the most part led to an entrenchment of the consolidation orthodoxy sponsored by Germany and its allies in northern Europe. However, a political turning point in mid-2012 led to a reprieve for the European Left and the subsequent advancement of the Social European vision advocating greater solidarity in the place of fiscal austerity. While the consolidation coalition’s commitment to economic stability and oversight has for the most part been maintained, the shifting balance of power in European politics, and an increasing frustration with the failures of austerity, have provided momentum for a major revision to the status quo. This thesis has found that while the Eurosceptic rise in the 2014 elections has raised serious questions for the EU, it has highlighted the unwavering commitment towards further integration among the dominant political actors in Europe, and will most likely set the Continent further along the path towards an ever closer union.</p>

Looking Beyond the Greek Crisis

2017 ◽  
pp. 25-39
Author(s):  
Maria Kontochristou
Keyword(s):  
European Monetary Union ◽  
Sovereign Debt ◽  
Debt Crisis ◽  
Democratic Legitimacy ◽  
Sovereign Debt Crisis ◽  
The European Union ◽  
The Media ◽  
Of Greece ◽  
The Eu

The Greek sovereign debt crisis has not only raised concerns about the deficiencies of the European Monetary Union (EMU) and the effects of the Eurozone crisis on member states' politics and administration, but also has challenged the establishment of the Eurozone itself. The crisis has revealed a lack of democratic legitimacy whereas has severely questioned ‘Europeanness'. The chapter examines solidarity as one of the fundamental principles of the European Union (EU) and pylons of the European society and identity. In particular, the chapter discusses the concept of solidarity within the EU and examines the role of discourse at the EU level. Especially, it examines what type of discourse the EU political elites and the media have engendered regarding European solidarity in the case of Greece.

The Impact of Sovereign Debt Crisis on the EU Economy

2015 ◽  
pp. 1-11
Author(s):  
Serkan Cura
Keyword(s):  
Sovereign Debt ◽  
Debt Crisis ◽  
Spillover Effect ◽  
The United States ◽  
Sovereign Debt Crisis ◽  
The European Union ◽  
Global Crisis ◽  
Subprime Mortgage ◽  
Short Time ◽  
The Eu

The subprime mortgage crisis, which started in the United States in 2008, turned into a global crisis in a short time. Following the policies to reduce and mitigate the impacts of the global crisis, a sovereign debt crisis began that led to tremendous increases in government deficits and debt stock in the European Union region and made government financial systems unsustainable. This debt crisis, which started in the second half of 2009 in Greece, has resulted in a spillover effect for every EU member country. The ongoing crisis has rendered the future of Economic and Monetary Union uncertain. This chapter aims to determine the root causes of sovereign debt crisis in the EU and the economic and financial effects of and precautions for the crisis. This study also discusses the degradation of the EU's economic and political integration as a result of the sovereign debt crisis.

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