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architecture of the euro area. The introduction of an insolvency procedure for sovereigns faces a dilemma: In the foreseeable … blueprints for sovereign insolvency procedures in the euro area and develops a “Viable Insolvency Procedure for Sovereigns” (VIPS … transition towards the new regime. The VIPS proposal comprises two pillars: An insolvency procedure for the long run and a …
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This article analyses three seminal cases of bondholder litigation before German municipal Courts following the Greek sovereign debt restructuring of 2012. While the haircut imposed on private bondholders led to a significant reduction of the country's debt level in 2012, thousands of German...
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