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Clifford Chance

Eurozone Crisis - legal issues

Client Briefing

8 May 2012

Eurozone crisis and its legal implications

The Eurozone crisis continues to dominate the global economic landscape. What was unthinkable a short while ago - a discussion about the possibility of a Eurozone member state leaving the currency union - has been touched on publicly by European leaders. In response to the latest developments in Europe, Clifford Chance has published a series of publications that examine some of the most pressing questions that financial institutions and international companies with an interest in the future of the Eurozone are addressing.

Eurozone crisis - latest publications

The following briefings all look at a set of questions in the context of how standard documentation for Euro-denominated transactions might (or might not) deal with the possibility, albeit an unlikely one, of a Eurozone member departing from the currency union:

Euro area member states take collective action to facilitate sovereign debt restructuring (December 2012) - From 1 January 2013, all euro area sovereigns will be required to include a new agreed form of model collective action clause (the Model CAC) in both international and domestic government securities. This briefing describes the background to the new Model CAC and answers some "Q&A". It also includes a table comparing the new Model CAC provisions with the International Capital Markets Association (ICMA) collective action clauses published in 2004.

Liability management: Exit consents and oppression of the minority (July 2012) - In a significant recent judgment, the English Court has analysed the legal basis for the "exit consent" technique that has formed an important part of recent liability management exercises and provided a timely reminder that the English courts will not uphold structures that seek to impose unfair or punitive outcomes on dissenting or non-participating Noteholders.

The Eurozone crisis and exchange controls (July 2012)

Eurozone - developments in loan documentation (May 2012)

The Eurozone crisis and its impact on the international financial markets (May 2012)

The Eurozone crisis and loan agreements - the Dutch Law perspective(February 2012)

The Eurozone crisis and derivatives (January 2012) - this briefing examines the implications for the 1992 ISDA Master Agreement (Multicurrency Cross Border) and the 2002 ISDA Master Agreement

The Eurozone crisis and aircraft leases (January 2012)

The Eurozone crisis and high yield bond documentation (December 2011)

The Eurozone crisis and Eurobond documentation (December 2011)

The Eurozone crisis and loan agreements(December 2011)


At the 2013 World Economic Forum meeting in Davos, Clifford Chance Of Counsel, Michel Petite spoke about the challenges facing Europe and how the current picture might evolve.  His full speech is here: Re-shaping the world: an EU perspective (February 2013)

Sovereign debt advisory and restructuring group

Clifford Chance's sovereign debt advisory and restructuring group is internationally recognised as a leader in its field.

Learn more about the group


Eurozone Crisis and the financial services sector

To learn how Clifford Chance can help your organisation address the issues and challenges arising from the latest developments in the Eurozone crisis, including a better understanding of the financial stability and regulatory measures being undertaken by the European Union member states, contact your local office, or email Clifford Chance.