I found an 1838 legal document pertaining to debt obligations by a sovereign entity (the City of Edinburgh) that contains a pari passu clause. The clause wording itself is very basic ("rank pari passu") but both the texture of the case and the consequent related possible interpretation of pari...

Throughout the literature (both academic and professional) it is almost impossible to find detailed references, if at all, to the "mandatory law exception" version of the pari passu clause found in sovereign debt contracts. And yet, this clause is extremely prevalent across a vast number of...

The often lambasted bailout loans granted by Europe and the IMF to Greece since 2010 have allowed the Greek government to enjoy effective funding costs not just similar but even much better than those of the highest quality sovereign debtors. Thanks to the bailouts and their incredibly generous...

No. The infamous bailout loans granted by Europe and the IMF to Greece since 2010 did not create austerity in the country. We use official statistics to show that government spending and deficits did generally not go down in the bailout period versus other previous periods in “modern” Greece...

Are debt contracts modified following some watershed event in the relevant debt markets? Do creditors or debtors or both push for new, perhaps revolutionary, versions of contractual terms? We try to tackle this pertinent issue through the prisms of the evolution of the pari passu clause in...