The restructuring of Greece's debt offers a clean case study of the dynamics of sovereign restructuring. This essay discusses the powerlessness of sovereign creditors, Greece's predicament, and its resolution through (a) a two-step refinancing with bond accumulation and value injection and (b)...

The legal definition of a security is incomplete but consistent with the economic function of securities transactions and the financial theory of securities valuation (the Capital Asset Pricing Model). The switch of the regulatory environment from buyer beware to seller disclose is justified...