Euro CAC and the existing rules on sovereign debt restructuring in the Euro area: An appraisal four years after the Greek debt swap

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Title:	Euro CAC and the existing rules on sovereign debt restructuring in the Euro area: An appraisal four years after the Greek debt swap
Author:	Martinelli, Thibault
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.
Subject(s):	-Bank size -Diversification -Money market -Bank solvency -Liquidity
Rights:	This is an Open Access article distributed under the terms of the Creative Commons Attribution License Creative Commons Attribution 4.0 International, which permits unrestricted use, distribution and reproduction in any medium provided that the original work is properlyattributed. http://creativecommons.org/licenses/by/4.0/
Document type:	Working Paper
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