THE FUTURE OF the international payments system is at stake, along with the smooth functioning of the Euromarkets and even the continued survival of the Bretton Woods institutions.
At the centre of this dispute is some of the most benign debt-contract language ever seen by anybody who has underwritten a Eurobond – the pari passu clause. It’s a pretty standard feature of bond documentation. Yet if the clause means what some jurists say it means, there could be wide-ranging ramifications for the wellbeing of the international financial architecture.
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