whitedan
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Hedge funds give Greek bonds wide berth
Ho trovato questo articolo su FT : Hedge funds give Greek bonds wide berth - FT.com
I punti più salienti sono:
The potential for legal challenges therefore hinges on whether the Greek government passes legislation retrospectively to introduce so-called “collective action clauses” into its debt, under which recalcitrant bond holders could be forced to accept restructurings by a majority vote.
Creditors could first seek to challenge such Greek CAC legislation locally on the grounds that it was unconstitutional, but the process would be lengthy, costly, and likely unsuccessful, lawyers warn. Challenges in US or UK courts about the recognition of such law would also be tricky, since a claimant would have to argue that the Greek government’s actions amounted to confiscation and had failed the “Wednesbury” test of unreasonableness in public bodies.
A final option – to mount a challenge under protocol one of the European Convention on Human Rights, which protects against depriving property without due process and compensation – would, meanwhile, take “years”, according to a partner at one magic circle law firm in London who said it was “in the realm of fantasy football”.
Only one factor gives hedge funds some succour that a legal challenge could succeed – or at least have grounds to be taken seriously as a threat: the position of the European Central Bank.
The ECB and other European central banks’ insistence on their exemption from any voluntary restructuring on their €50bn of Greek bond holdings could yet leave Greece open to attack – if not only on legal grounds, then for the risk of setting a dangerous precedent to spook bond holders in the eurozone’s other troubled economies.
P.S.
Evitiamo le inutili dispute e concentriamoci nel trovare una soluzione su come combattere la CAC greca. Per il momento solo i tedeschi hanno incominciato la disputa perchè hanno un BIT con la Grecia, noi neanche quello (no umbrella).
Ho trovato questo articolo su FT : Hedge funds give Greek bonds wide berth - FT.com
I punti più salienti sono:
The potential for legal challenges therefore hinges on whether the Greek government passes legislation retrospectively to introduce so-called “collective action clauses” into its debt, under which recalcitrant bond holders could be forced to accept restructurings by a majority vote.
Creditors could first seek to challenge such Greek CAC legislation locally on the grounds that it was unconstitutional, but the process would be lengthy, costly, and likely unsuccessful, lawyers warn. Challenges in US or UK courts about the recognition of such law would also be tricky, since a claimant would have to argue that the Greek government’s actions amounted to confiscation and had failed the “Wednesbury” test of unreasonableness in public bodies.
A final option – to mount a challenge under protocol one of the European Convention on Human Rights, which protects against depriving property without due process and compensation – would, meanwhile, take “years”, according to a partner at one magic circle law firm in London who said it was “in the realm of fantasy football”.
Only one factor gives hedge funds some succour that a legal challenge could succeed – or at least have grounds to be taken seriously as a threat: the position of the European Central Bank.
The ECB and other European central banks’ insistence on their exemption from any voluntary restructuring on their €50bn of Greek bond holdings could yet leave Greece open to attack – if not only on legal grounds, then for the risk of setting a dangerous precedent to spook bond holders in the eurozone’s other troubled economies.
P.S.
Evitiamo le inutili dispute e concentriamoci nel trovare una soluzione su come combattere la CAC greca. Per il momento solo i tedeschi hanno incominciato la disputa perchè hanno un BIT con la Grecia, noi neanche quello (no umbrella).
