TABLE OF CONTENTS 4
About the Author
4 Acronyms 5
Executive Summary
5 Introduction 6
Background to the 2012 Greek Debt Restructuring 6
The May 2010 EU/IMF Program
8
The July 2011 PSI Decision
9
The March 2012 Debt Exchange
11
The December 2012 Debt Buyback
12 Issues in the Restructuring 12 Timing 14
Voluntary Restructuring versus Disorderly Default
15 Contagion 17 Seniority 19
Activating CACs and Triggering CDS
19
Aggregation Clauses and the Holdout Problem
20
The Credit Enhancement
21 Conclusion 22 Acknowledgements 22 Works Cited 25 About CIGI 25 CIGI Masthead