Sovereign debt restructuring in the euro area?
A Sovereign Debt Restructuring Framework for the Euro Area
... address sovereign debt sustainability crises, replacing a regime that is fraught with ambiguity that is dangerous rather than ...of sovereign debt restructuring by shielding sovereigns ...
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Euro CAC and the existing rules on sovereign debt restructuring in the Euro area : An appraisal four years after the Greek debt swap
... Greek restructuring, the debt securities bought by the Eurosystem under the SMP programme enjoyed de facto a seniority ...the restructuring took place, those bonds were exchanged against freshly ...
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Sovereign debt and its restructuring framework in the Euro area. Bruegel Working Paper 2013/05, August 2013
... American debt crisis, as global capital flows grew to levels not seen in the post-war period, policymakers became more reticent in imposing losses on private ...the debt burdens proved too high for some; ...
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Debt restructuring: ramifications for the Euro area
... immediate debt relief and this would have to be viewed as a holding strategy until ...new debt that is held to maturity be written ...the restructuring. If the Greek sovereign is willing but ...
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Sovereign Debt Restructuring
... requiring restructuring is denial by the Government, the management or other controlling ...the restructuring going it also signals to the lenders and their advisors that the borrower may be indifferent to ...
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SOVEREIGN DEBT RESTRUCTURING
... Brazil’s debt to commercial ...its debt. The subsequent restructuring pursuant to the Brady plan 34 offered two options to convert the MYDFA debt into Brady bonds: ...Brazilian debt in ...
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Sovereign Debt Restructuring
... raising debt payment revenue by destroying basic social services and it would require that funds for a sustainable economic recovery be set ...final restructuring plan, but this plan does not necessarily ...
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Debt restructuring in the euro area: a necessary but manageable evil?
... a debt exchange of Greek government bonds: either to a new bond of the Greek state supported by appropriate collateral, or a Brady-type bond 10 guaranteed by, for example, the ...
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On Origins and Implications of the Sovereign Debt Crisis in the Euro Area
... The Euro is essentially a political project with an unprecedented ...the Euro Area can be considered as the optimum currency area and what are the necessary integration forms for effective ...
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Sovereign debt restructuring; what it may take to save the Euro project
... Debt default penalties • By c. 2,400 BC it already appears to have been common practice on the part of local officials, or wealthy merchants, to advance loans to peasants who were in financial trouble on ...
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Fairness in sovereign debt restructuring
... a sovereign debtor is at least partially determined by debtor government ...Argentinean debt restructuring, the debtor government under president Nestor Kirchner signaled its willingness to aim at an ...
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Flight-to-liquidity flows in the euro area sovereign debt crisis
... all euro area countries, both core and stressed, and not only in those whose bond markets were adversely affected by the liquidity ...among euro area consumers is robust to the use of ...
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Flight to Liquidity in the Sovereign Debt Crisis of the euro area 1
... or sovereign default risk that may be strongly associated to FTS ...the sovereign debt crisis in the euro area in 2010 and the downgrading of Spanish sovereign ...
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Sovereign Debt Restructuring After Argentina
... bonded debt in default as of 2002 – became a source of concern to the IMF and a variety of governments and academics once the holdouts finally scored important judicial ...of sovereign debt ...
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Sovereign Debt Restructuring After Argentina
... the restructuring of government debt in March 2012 (IMF 2014: ...eventual restructuring of obligations in the hands of local and foreign private investors achieved a very high creditor participation ...
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The Challenge of Legitimacy in Sovereign Debt Restructuring
... As such, the goal here is not to deny that there will often be winners and losers in a debt restructuring. Rather, it is to limit the eventual losses by encouraging sovereign debtors to restructure ...
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Rethinking the Sovereign Debt Restructuring Approach
... As it stands now, the Republic of Argentina is facing unsustainable financial difficulties in servicing its existing external debts, and "the offi- cial sector [r] ...
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Key Issues in Sovereign Debt Restructuring
... Cross-issue aggregation goes further than the G-7 reform proposal currently envisages, and many market participants are deeply sceptical of the idea. Hence, contractual provisions designed to facilitate cross- issue ...
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The Role of the IMF in Sovereign Debt Restructuring
... 27 One might also hypothesize that relatively high levels of trade or direct investment with influential industrialized countries would make a Fund program easier to ob[r] ...
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An international framework for restructuring sovereign debt
... 36/40 Case 3: Greece Prior events Greece's financial difficulties came to a head in 2010, forcing the country to seek financial support from the EU and the IMF several times. A lack of fiscal discipline had resulted in ...
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