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INSOL International has published the 25th Technical Paper under their Technical Paper Series. it is entitled "Necessity Trumps Law: Lessons from Emerging Markets for Stressed Developed Markets?" and is written by Tim DeSieno and Katherine Dobson of Bingham McCutchen LLP, USA.
INSOL note: "In this paper the authors examine the financial crisis experienced by the East Asian countries in the 1990s and also the sovereign debt crisis faced by Argentina in early 2000s and how the respective governments responded. On a more global scale - leading International Organisations responded to these crises by developing best practices for debt restructuring which were widely adopted by many countries and these are highlighted in this paper.
Several years later the world saw another financial crisis in 2008 and the paper covers the struggles in Europe among over-leveraged sovereign debtors and the cases of Ireland, Greece, Spain and Iceland are discussed."
"This is the ultimate statement of where the law on IVAs is to be found in our great common law...