News Topic: Sovereign Debt

From the the second volumn of J.F. Molloy, Court Life Below Stairs (rev ed. 1885), regarding events after the death of George III's spouse, Queen Charlotte : ... Read full article

The English High Court just ruled in Assenagon Asset Management S.A. v. Irish Bank Resolution Corporation Limited (formerly Anglo Irish Bank ) that a popular technique used to pressure bondholders to participate in a debt restructuring, as deployed by ... Read full article

The Second Circuit argument in NML v. Argentina  was awesome--I was at the edge of my seat the whole time. My takeaway after the hearing is that even though Argentina got the brunt of the yelling, it would be relatively straightforward for the court to ... Read full article

The panel for Monday's Second Circuit hearing in NML v. Argentina  is Judges Raggi, Pooler and Parker  (follow link , click on name for official bio). ... Read full article

The NML [Elliott] v. Argentina  pari passu argument was rescheduled yet again, to July 23 . ... Read full article

Alas, we must slog through another month to find out how it ends. The NML v. Argentina argument in the Second Circuit was postponed at the eleventh hour. In other news, one of the panel members recused himself , also at the eleventh hour. ... Read full article

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Tomorrow two Slips members -- Adam and I -- journey to the House of Representatives. Ok, for Adam this is a journey to the crosswalk, but nonetheless ... ... Read full article

Like the rest of us, the U.S. Congress cannot wait until the Second Circuit argument on pari passu , now scheduled for June 20th. Unlike the rest of us, the U.S. Congress can do something about it -- and it is. ... Read full article

A remarkable number of people are buying the creditors' argument that widespread introduction of collective action clauses (CACs) in sovereign bonds makes the debate about the pari passu clause in the Second Circuit  irrelevant to the broader regime ... Read full article

Felix Salmon stays with the Argentina pari passu saga, about which I wrote here . The holdout creditors have now filed their briefs (Felix has the links), and are doubling down on the text. ... Read full article

Argentina and its most intransigent creditors are duking it out again (or still) in the Second Circuit, reviving the crazy battle over the meaning and import of the pari passu (equal treatment) clause in sovereign debt contracts. For the small but ... Read full article

This is Adam Levitin posting for Anna Gelpern.  Only the awful illiterative post title is mine.  Here's Anna: ... Read full article

At long last, Greece is starting to resemble a normal restructuring--you know, the kind where the debtor just might not pay if it does not get the relief it is asking for. Everyone else has done it this way, including the proverbial opposites, mean ... Read full article

Credit Slips has been fortunate to have my Georgetown colleague Philomila Tsoukala as a guest blogger the past couple weeks. The mainstream US media press coverage of the Greek financial crisis has focused on the dynamic between the Greek government and ... Read full article

Another day, another Greek deal to end them all (more on that soon). ... Read full article

“Greeks are protesting new austerity measures” is a common headline these days. It definitely captures some of what protesting Greeks are doing, but certainly leaves a whole lot out of the picture. Many Greeks are protesting not only the deterioration of ... Read full article

I have argued previously ( here ) that the EU/IMF/ECB insistence on “flexibilizing” labor law in Greece overlooked the basic structure of the Greek private market, which consists overwhelmingly of small, family owned and operated businesses, with ultra ... Read full article