Venetia Argyropoulou

Sovereign Default and Portfolio Investors' Remedies: the Greek Default Venetia Argyropoulou

In recent years,there have been many incidents of sovereign default exposing bondholders to huge financial damage without any effective remedy. The recent case of Argentina has demonstrated investors' difficulties in finding sufficient remedies to mediate their losses on account of the lack of a specific substantive and procedural framework to regulate such disputes. Now, investors are faced with the largest case of sovereign default in recent times, namely the Greek haircut. This book, attempts to explore the remedies available to investors following such haircut taking into account the legal course followed by investors in previous cases of sovereign default, especially that of Argentina. This book explores investors' remedies under three legal contexts, namely under Investments Treaties, European Law and under Credit Default Swaps Agreements, while an attempt is being made to also briefly explore some of the procedural issues that investors would be facing in any one of these contexts. This book aims to be a practical guide for investors in the current sovereign default, and be used as basis for the creation of an effective legal framework for settlement of future disputes.