Wolters Kluwer Law & Business Legal Implications of the Euro Zone Crisis: Debt Restructuring, Sovereign Default and Euro Zone Exit

In this urgently needed book, a member of the Eurozone and Sovereign Debt Working Group at Slaughter and May perhaps the premier law firm involved in cases related to sovereign debt focuses on the legal implications of default or exit by a euro zone state. Examining separately the consequences for private sector and official sector creditors, the author provides penetrating analysis and commentary on such elements of the crisis as the following: legal limitations on developing or expanding arrangements designed to avert sovereign default; compatibility with EU law of the outright monetary transactions (OMT) programme; implications for euro zone member states of decisions arising out of the 2001 Argentine default; legal implications of the redenomination of euro obligations into a new national currency; impact of capital and exchange controls including their compatibility with IMF, GATT,GATS, and EU law; potential for member state liability to bondholders under bilateral investment treaties; enforcement of judgments against a sovereign defendant; paths to euro zone exit; redenomination in the courts of other EU States; unlawful euro zone exit; expropriation; and enforcement of arbitral awards; and much more.