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Clifford Chance

Clifford Chance
Briefings

Briefings

Sovereign Debt Restructuring: Proposed Amendment to New York Banking Law Through New Article 7

13 May 2021

Against the backdrop of the COVID-19 pandemic and its severe economic consequences certain New York lawmakers have introduced draft legislation designed to allow unsustainable sovereign and subnational debt to be restructured through new procedures to be built into the existing New York banking law by way of a new Article 7.

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