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Eurozone sovereign debt restructuring : promising legal prospects?
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Miller, Marcus and Thomas, Dania (2013) Eurozone sovereign debt restructuring : promising legal prospects? Working Paper. Coventry, UK: Department of Economics, University of Warwick. CAGE Online Working Paper Series, Volume 2013 (Number 144).
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Text (Working paper)
WRAP_144-2013_miller_wp.pdf - Published Version Download (331Kb) | Preview |
Official URL: http://www2.warwick.ac.uk/fac/soc/economics/resear...
Abstract
The Eurozone debt crisis has stimulated lively debate on mechanisms for sovereign
debt restructuring. The immediate threat of exit and the breakup of the currency union
may have abated; but the problem of dealing with significant debt overhang
remains. After considering two broad approaches - institutional versus contractual –
we look at a hybrid solution that combines the best of both. In addition to debt
contracts with Collective Action Clauses, this includes a key amendment to the Treaty
establishing the European Stability Mechanism, together with innovative state-
contingent contracts and a Special Purpose Vehicle to market them.
Item Type: | Working or Discussion Paper (Working Paper) |
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Alternative Title: | |
Subjects: | H Social Sciences > HB Economic Theory H Social Sciences > HJ Public Finance |
Divisions: | Faculty of Social Sciences > Economics |
Library of Congress Subject Headings (LCSH): | Monetary unions -- European Union countries, Eurozone, Debts, Public -- European Union countries, European Union countries -- Politics and government -- 21st century |
Series Name: | CAGE Online Working Paper Series |
Publisher: | Department of Economics, University of Warwick |
Place of Publication: | Coventry, UK |
Official Date: | August 2013 |
Volume: | Volume 2013 |
Number: | Number 144 |
Number of Pages: | 28 |
Status: | Not Peer Reviewed |
Publication Status: | Published |
Funder: | Economic and Social Research Council (Great Britain) (ESRC), University of Warwick |
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