| Date: |
2016 |
| Abstract: |
After explaining the role of Collective Action Clauses (CAC), this paper explores how these have been developed in the 'statutory' CAC operation in Greece in 2012 and the Euro-area CAC provisions found in the ESM Treaty which apply to all Euro-area bonds issued from 2013. The paper explains the legal risks that arise and the capacity of CAC to assist in debt restructuring. Noting certain remaining weaknesses in the existing Euro CAC, the paper closes by offering some modifications as well as more long term solutions to debt restructuring. |
| Abstract: |
The ADEMU Working Paper Series is being supported by the European Commission Horizon 2020 European Union funding for Research & Innovation, grant agreement No 649396. |
| Grants: |
European Commission 649396
|
| Rights: |
Aquest document està subjecte a una llicència d'ús Creative Commons. Es permet la reproducció total o parcial, la distribució, la comunicació pública de l'obra i la creació d'obres derivades, fins i tot amb finalitats comercials, sempre i quan es reconegui l'autoria de l'obra original.  |
| Language: |
Anglès |
| Series: |
Barcelona Graduate School of Economics. ADEMU working paper series |
| Series: |
ADEMU Working Paper Series ; 43 |
| Document: |
Working paper |
| Subject: |
Bank size ;
Diversification ;
Money market ;
Bank solvency ;
Liquidity |
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