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Spring 2020
LAW705  A  THE LAW AND PRACTICE OF SOVEREIGN DEBT MANAGEMENT

Course Description
Class One -- Introduction to sovereign borrowing. Why do sovereigns borrow? From whom do they borrow? With what legal instruments? What makes sovereign borrowing special (sovereign immunity etc)? The role of the Bretton Woods institutions. How is sovereign debt restructured (Paris Club, London Club etc)?

Class Two -- Architecture of an international financial contract. This lecture introduces the anatomy of a standard international debt instrument. It is designed to introduce both the terminology and dynamics of international lending (for example, acceleration, negative pledge, pari passu etc) as well as the negotiating positions of both lenders and borrowers.

Class Three -- A short history of sovereign financial crises, Part I (1820 to 1990). This lecture will cover the circumstances that triggered the Latin American debt crisis of 1982-92 (through the Brady Initiative) and the techniques deployed in that era to address the crisis.

Class Four -- A short history of sovereign financial crises, Part II (1990 to 2019). This covers the switch from syndicated bank loans to bonds; the unique challenges in a bond restructuring; the early sovereign bond restructurings (Ecuador, Ukraine, Pakistan); the Argentine default of 2001 and the ensuing 15 years of litigation; Iraq in 2004-08; the Eurozone debt crisis (Greece, Ireland and Portugal).

Class Five -- The problem of holdout creditors in a sovereign debt workout and proposed solutions (SDRM, CACs etc). The class will be asked to read some of the court decisions generated in the Argentine saga.

Class Six -- Current events. The last class will focus on the current debt crises in Venezuela and Argentina. Wrap-up.


Short Course Attendance Policy
Due to the small number of meetings, attendance to all meetings/classes for short courses is mandatory. Students who miss more than one class session (80 minute) of a 1-credit short course are subject to administrative withdrawal and will have a W for the course on their transcripts.


Course Schedule
Offering Dates: 02-24-2020 - 02-29-2020  

Dates Day Time Room
02-24-2020 - 02-27-2020   MTWR  12:30 PM-1:50 PM A216B
02-28-2020 - 02-28-2020   F  2:00 PM-5:00 PM A216B
02-29-2020 - 02-29-2020   S  10:00 AM-1:00 PM A216B

Course Frequency
Occasional course offering

Course Information

Credits: 1
Pass/Fail Option: No
Prerequisite:
Grading: Graded
Method of Evaluation: Short term paper.
Graduation Requirements Fulfilled By Course:
General
Special Attributes:
New Course
New Professor
Short Course
Course Delivery:

Special Restrictions:
Law Track(s): None
Bar Subject(s): None
Concentration(s): None
Course Book(s):
Textbook Required:
No     
First Class Assignment(s):

 
Professor(s)

BUCHHEIT, LEE


Biography
Contact Information:
Email: buchheitlee@gmail.com