The effort to restructure Greece’s crushing debt represents the largest such sovereign workout since the Hague Convention of 1907 barred countries from waging war on one another when debts go unpaid, according to a recent Reuters report. Instead of armies of soldiers, the task of resolving debt disputes these days falls to a battalion of attorneys, restructuring advisers, and other financial professionals.
In the case of the Greek debt bailout approved Tuesday, that battalion included attorneys from Cleary Gottlieb Steen & Hamilton, Allen & Overy, and White & Case-all of whom helped strike a hard-fought deal under which private sector investors holding portions of the country’s sovereign debt agreed to take further losses in return for government-imposed austerity measures designed to thwart a default.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]
