Abstract

http://ssrn.com/abstract=1979238
 


 



Restructuring Sovereign Debt Under Local Law: Are Retrofit Collective Action Clauses Expropriatory?


Melissa Boudreau


Duke University - School of Law

January 3, 2012


Abstract:     
The European sovereign debt crisis has generated a number of controversial restructuring proposals that would have seemed appropriate only for emerging markets just a few years ago, but now are among the few options available to sustain the Eurozone. The leading proposal involves legislation that would mandate collective action clauses in untendered bonds governed under local law. This Note evaluates whether enacting this legislation and utilizing it in a debt restructuring would engender successful investor claims of invalid expropriation against the sovereign in American courts, and concludes that a successful claim of invalid expropriation is unlikely.

Number of Pages in PDF File: 29

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Date posted: January 4, 2012 ; Last revised: March 5, 2014

Suggested Citation

Boudreau, Melissa, Restructuring Sovereign Debt Under Local Law: Are Retrofit Collective Action Clauses Expropriatory? (January 3, 2012). Available at SSRN: http://ssrn.com/abstract=1979238 or http://dx.doi.org/10.2139/ssrn.1979238

Contact Information

Melissa Boudreau (Contact Author)
Duke University - School of Law ( email )
Box 90360
Duke School of Law
Durham, NC 27708
United States
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