Sovereign debt: the natural order of things
Shutter-Andrew-HRc5-7-new.jpg (Credit: Cleary Gottlieb Steen & Hamilton)
Trying not to upset the natural order of things is an approach that applies well to the world of sovereign debt restructuring. In his third column for GRR, partner Andrew Shutter at Cleary Gottlieb Steen & Hamilton in London, discusses what “the natural order of things” means in respect of who gets paid first in a sovereign restructuring situation.
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