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Holdout creditors who refused to take part in Argentina's two debt restructurings have won a major victory in the New York courts by relying on a pari passu clause, overturning the conventional wisdom as to the meaning of this clause. The courts decided that...

A new agreed form of model collective action clause for euro area member states to adopt (the Model CAC) in respect of their sovereign debt was published by the EFC Sub-Committee on EU Sovereign Debt Markets in March 2012. Following the publication, Germany is...

On 12 September 2012, the German Federal Constitutional Court (Bundesverfassungsgericht) rejected temporary injunctions to prevent the ratification of the Treaty on the European Stability Mechanism ("ESM"), the Treaty on Stability, Coordination and...

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...

Contingency planning around the Eurozone crisis inevitably turns to the possibility of  exchange controls, whether in the context of a default by a Eurozone member state or a departure from the Eurozone.  What are exchange controls and how will they...

How are current events in the Eurozone affecting the international financial markets? What are the likely outcomes ahead and how can market participants prepare for them? Clifford Chance partners from the firm’s sovereign debt rescheduling, regulatory and...

As Eurozone concerns continue so does the market's focus on the role that loan documentation has to play in addressing potential redenomination risk. In this update to our earlier briefing The Eurozone Crisis and Loan Agreements (November 2011), we highlight...

The Eurozone crisis continues to dominate the global economic landscape, raising questions among market participants as to the implications for market standard derivatives documentation should a Eurozone member leave the currency union, albeit this remains an...

The Eurozone crisis continues to dominate the global economic landscape. What was unthinkable last month – a discussion about the possibility of a Eurozone member departing from the currency union – has now been touched on publicly by leaders of European...

The Eurozone crisis continues to dominate the global economic landscape. What was unthinkable last month – a discussion about the possibility of a Eurozone member departing from the currency union – has now been touched on publicly by leaders of European member...