On Wednesday 30 May 2012, Herbert Smith hosted a webinar focussing on some of the legal implications of the escalating Eurozone crisis, including the prospect of a Greek departure from the currency union (the Eurozone) and the remedies available for holders of Greek debt. Whilst the panel assumed that Greece was the departing State, many of the potential contentious issues would apply equally to any situation where a weak member departs the currency union but the euro survives. The session followed the successful seminar held in December which looked at economic challenges and legal risks brought about by the crisis as it stood then.
Herbert Smith’s legal panel covered this topic from several angles including EU law/withdrawal issues, private law obligations, sovereign debt, State immunity, Bilateral Investment Treaties (BIT) and claims under EU law for breach of treaty obligations by Greece. They also looked back at the Argentinian default to examine the parallels to the Eurozone crisis as a guide to what may ensue.
The publication sets out the key points that were made in the presentations and the discussion that followed. Please click here for an electronic copy and here to request a hard copy.
Key contacts
Simon Chapman KC
Managing Partner, Disputes, Asia and Australia, Hong Kong and Korea Group
Andrew Cannon
Partner, Head of International Arbitration, London, Paris, India Group, Nordic Group, Africa Group, Kazakhstan Group, Ukraine Group and Central Asia Group
Dr Patricia Nacimiento
Partner, Germany, Central Asia Group, Kazakhstan Group, Latin America Group and Ukraine Group
Kathryn Sanger
Partner, Head of Disputes, China and Japan and Head of Private Capital, Asia, Hong Kong
Thierry Tomasi
Partner, Paris, Latin America Group and Africa Group
Christian Leathley
Partner, Head of International Arbitration, US, London, New York and Latin America Group
Craig Tevendale
Partner, Head of Energy, UK, London, Africa Group, Central Asia Group and Kazakhstan Group
Gitta Satryani
Managing Partner, Singapore Office, Singapore
Disclaimer
The articles published on this website, current at the dates of publication set out above, are for reference purposes only. They do not constitute legal advice and should not be relied upon as such. Specific legal advice about your specific circumstances should always be sought separately before taking any action.