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Beskrivelse
The global financial crisis introduced the notion of state bankruptcy to the European Union. Whilst a reform of the international financial architecture (particularly a sovereign debt restructuring mechanism) has not yet been realized, the EU and the member states whose currency is the Euro reacted to the crisis, installed a permanent crisis mechanism, and facilitated the introduction of collective action clauses into the member states' state bonds. Against the background of Argentina's unprecedented default in 2002 and the current crisis of Greece, the present book captures and systematizes the existing legal framework and provides a detailed mapping of the relevant territory (national laws, EU-law, foreign exchange, investment protection, public international law). Particular emphasis is placed on the quest for shared and common values as well as solutions for future sovereign debt crises.
