Miller, M. and Thomas, D. (2013) Eurozone sovereign debt restructuring: promising legal prospects? Oxford Review of Economic Policy, 29(4), pp. 745-763. (doi: 10.1093/oxrep/grt039)
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Abstract
The eurozone debt crisis has stimulated lively debate on mechanisms for sovereign debt restructuring. The immediate threat of exit and the break-up 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: | Articles |
|---|---|
| Status: | Published |
| Refereed: | Yes |
| Glasgow Author(s) Enlighten ID: | Thomas, Dr Dania |
| Authors: | Miller, M., and Thomas, D. |
| College/School: | College of Social Sciences > Adam Smith Business School > Economics |
| Journal Name: | Oxford Review of Economic Policy |
| Publisher: | Oxford University Press |
| ISSN: | 0266-903X |
| ISSN (Online): | 1460-2121 |
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