How the Greek Debt Reorganisation of 2O12 Changed the Rules of Sovereign Insolvency

摘要

This article explores how the Greek debt reorganisation of 2012 changed the rules of sovereign insolvency. It considers the ways in which this particular sovereign bankruptcy could affect future sovereign bankruptcies. The author believes that there are at least 21 features, depending on whether you are a lumper or a splitter, which together represent a new momentum in the way of thinking in this field. Several of these 21 factors, in one way or another, had a precedent in some previous episode, but together they heralded either a novel direction that was unexpected or a dramatic confirmation of the underlying direction of previous trends.