"International law on sovereign defaults is underdeveloped because States have largely refrained from adjudicating disputes arising out of public debt. The looming new wave of sovereign defaults is likely to shift dispute resolution away from national courts to international tribunals and...

We examine the impact of changes in national debt on the mergers and acquisitions (M&As) activity. Although increases in government debt reduces the acquisition likelihood, we find no evidence for the traditional interest rate mechanism. Instead, we document that upsurges in national debt...

As public debt soars, a new wave of sovereign defaults looms. International law on sovereign defaults is underdeveloped because States have largely refrained from adjudicating disputes arising out of public debt. The looming new wave of sovereign defaults is likely to shift dispute resolution...

Creditor-debtor engagement in one form or another has been a feature of many sovereign debt restructurings. In some cases, debtor-creditor engagement has been formalized and took the specific form of creditor committees. Views differ considerably on the merits and demerits of CCs, and on the...

Two complainants brought a constitutional complaint before the German Constitutional Court. The complaint was directed against a judgement of the Federal Court of Justice (Bundesgerichtshof) that dismissed their action because the Hellenic Republic enjoyed state immunity before the German...

This chapter surveys some of the actors in sovereign debt restructurings. Millhouse’s quote above underscores the number and diversity of players in municipal insolvencies. Nevertheless, the number and heterogeneity of the actors involved in municipal and corporate bankruptcies pale in...

A central policy concern since the onset of the Greek debt crisis in 2010 has been whether sovereign debt restructurings trigger credit default swaps (CDS). For the first time since AIG threatened to default on its CDS in 2008, the Greek debt crisis returned CDS to the global spotlight. The...