Jim Foorman : Courses and Seminars
Legal Aspects of Sovereign Debt
This proposed seminar will examine the legal aspects of sovereign state borrowing. It will cover the elements of sovereign debt-- with emphasis on borrowing denominated in currencies other than those of the debtor, as well as Euro-denominated borrowings, the key contractual provisions of debt agreements, legal doctrines bearing on sovereign debt (such as sovereign immunity, odious debts and state succession), and the process for rescheduling or otherwise resolving impaired debt. We also will consider the roles of various international bodies, such as the IMF, and proposed international regimes for resolving defaulted debt. Once we have laid that foundation, we will consider the recent cases of Argentina, Greece and the legal aspects of the recently announced ECB bond purchase program. We will use Lastra and Buchheit, "Sovereign Debt Management", Oxford University Press 2014 and other materials to be provided by the Lecturer. There are no prerequisites for the seminar. The grade will be based on a paper of approximately 25 pages, as well as on class participation.