International Financial Architecture and Debt Restructuring International Financial Architecture and Debt Restructuring
International Financial Architecture and Debt Restructuring
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July 26, 2010

Aurelius Capital Partners v. Argentina.

July 19, 2010

EM Ltd. and NML Capital v. Argentina: Prof. Hal Scott Amicus Curiae Brief and Various Motions Relating Thereto. 

July 12, 2010

Fitch Upgrades Argentina’s Long-Term Foreign Currency Issuer Default Rating from RD (Restricted Default) to B.

July 1, 2010

Argentina Announces Results of Tender Offer.

June 28, 2010

EM Ltd. and NML Capital v. Argentina.

June 4, 2010

EM Ltd. and NML Capital v. Argentina (FRBNY Amicus Curiae Brief). 

June 2, 2010

EMTA Special Presentation: The Eurozone Dilemma - What Can Be Learned from Emerging Markets?

June 1, 2010

Argentina Announces Extension of the Expiration Date of the Submission Period and Change of Schedule.

May 28, 2010    

EM Ltd. and NML Capital v. Argentina: Defendant’s Appellate Brief and Central Bank’s Appellate Brief.

May 24, 2010

Argentina Announces Preliminary Results of Exchange Offer. 

Various Retail Bondholders v. Argentina. 

EMTA Special Presentation: The Eurozone Dilemma - What Can Be Learned from Emerging Markets? to be Held on June 2, 2010. Click Here to Register. 

Ivory Coast Investor Presentation. 

May 20, 2010

Issues Presented by the Cote d’Ivoire Debt Restructurings.

May 18, 2010

May 2010 - Official Information About the Greek Financing Plan is Available at: 

May 14, 2010 Contribution to "Expert Roundup: Eurozone Problem for the United States." Council on Foreign Relations - Anna Gelpern (American University).

May 12, 2010

Argentina Announces Extension of Early Tender Deadline and Change of Schedule.

May 10, 2010

European Financial Stabilisation Mechanism for Up to €500 Billion.

“How I Stopped Holding My Breath for a Greek Restructuring and Learned to Love Illiquency Support." - Anna Gelpern (American University).

May 9, 2010

IMF Executive Board Approves €30 Billion Stand-By Arrangement for Greece.

May 7, 2010 "How to Restructure Greek Debt" - Lee C. Buchheit (Cleary Gottlieb Steen & Hamilton) and G. Mitu Gulati (Duke University School of Law). 
May 2010 Greece: Staff Report on Request for Stand-By Arrangement (IMF Country Report).

April 23, 2010

New York State Senate Committee on Banks Hearing on Argentina's Default

April 15, 2010

Argentina Announces Terms of Exchange Offer. Market Reaction from Credit SuisseGoldman SachsHSBC and The Royal Bank of Scotland.

April 14, 2010

Various Bondholders Seek to Enjoin Argentina Exchange Offer.

April 7, 2010

EM Ltd. and NML Capital v. Argentina.

March 25, 2010

Dubai World Announces Restructuring Proposal.  Market reaction from Fitch and Royal Bank of Scotland. 

March 24, 2010

Argentina Shelf Registration.

March 19, 2010

EMTA Recommends When-Issued Bond Confirm for When-Issued Trading in the New Ivory Coast Bond.

March 17, 2010

BTA Bank Restructuring – Press Release on Revised Terms can be located at http://www.bta.kz/en/investor/ and Trade Finance Adjudication Press Release.

Holders of Côte d'Ivoire Brady Bonds Are Required to Confirm Their Eligibility to Participate in the Exchange Offer by Visiting www.dfking.com/RCI, or Contacting D.F. King, the Information Agent, at D. F. King (Europe) Ltd., One Ropemaker Street, London EC2Y 9AW, +44 (0) 20 7920 9700, RCI@dfking.com.

March 2, 2010

Moody's Upgrades Jamaica's Foreign-Currency Government Bond Rating from Caa1 to B3.

February 19, 2010

"Capital Inflows: The Role of Capital Controls" IMF Staff Position Note.

February 4, 2010 NML Capital v. Argentina (UK Decision).

February 3, 2010

Fitch Downgrades Jamaica’s Long-Term Foreign Currency Issuer Default Rating to RD, then Subsequently Upgrades to CCC. 

January 14, 2010

Plaintiffs’ Motions and Memorandum and Defendant’s Memorandum in EM Ltd. and NML Capital v. Argentina.

Standard & Poor's Revises Jamaica's Sovereign Credit Rating to "Select Default."

Moody's Statement on Jamaica Debt Exchange Constituting an Act of Default.

January 13, 2010

Attachment Orders for EM Ltd. and NML Capital v. Argentina and Aurelius Capital Partners v. Argentina.

Restraining Order in EM Ltd. and NML Capital v. Argentina.

December 1, 2009

 
Russian FTO Exchange Press Release.

November 27, 2009

Market Reaction to Dubai World Debt Restructuring from Credit SuisseMoody'sRBS and Standard Chartered Bank. 

Russian Finance Ministry Launches Third Offer of Eurobonds for FTO Debt. 

November 6, 2009

EMTA Submission in response to HM Treasury Legislative Proposal (October 9, 2009)
Ensuring Effective Debt Relief for Poor Countries: A Consultation on Legislation  
Appendix 1:   EMTA membership  
Appendix 2:   EMTA Africa Workshop Report 
Appendix 3:   EMTA analysis: Creditor Litigation in the Non-HIPC Sovereign Debt Restructuring Context 
Appendix 3a: EMTA analysis: Creditor Litigation in the Non-HIPC Sovereign Debt Restructuring Context Case Studies

November 4, 2009

Ecuador Italian Tender Offer Press Release for 2012 and 2030 Bonds: EnglishItalian, Spanish and Communiqué Required by Consob and Published in Sole 24 Ore.

November 3, 2009

EMTA Preliminary Analysis of Creditor Litigation in the Non-HIPC Sovereign Debt Restructuring Context.

October 22, 2009

Economy Minister Announces Argentina Has Accepted a Proposal to Restructure Untendered Debt. Press Release (in Spanish).  Commentary from Credit Suisse.

October 15, 2009

Aurelius Capital Partners v. Argentina.

October 2, 2009

Press Release for Ivory Coast Sphynx Noteholders.

September 28, 2009

Ivory Coast Strikes London Club Deal.

September 22, 2009

Market Responds to Speculation of Argentina Reaching a Deal with Holders of Untendered Bonds. Commentary from Bank of America/Merrill Lynch, Barclays CapitalBulltick Capital Markets, Credit SuisseGoldman Sachs and RBS.

September 9, 2009

Argentina's Ministry of Finance Announces Results of Debt Exchange Offer (in Spanish).

August 19, 2009

EM Ltd. and NML Capital v. Argentina.

Various Retail Bondholders v. Argentina. 

July 13, 2009

Various Retail Bondholders v. Argentina.

June 15, 2009

Standard & Poor's Upgrades Ecuador's Long-Term Sovereign Credit Rating to CCC+ from SD.

June 12, 2009

Ecuador Press Release Regarding Results of its Tender Offer.

Press Release of Argentine Ministry of Finance Regarding Results of Tender for BODEN 2012 Coupon (in Spanish). 

June 10, 2009

Press Release of Argentine Ministry of Finance Regarding Tender for BODEN 2012 Coupon (in Spanish).

June 8, 2009

 

EMTA and the UN Financing for Development Special Presentation "EM Debt: Is the System Working Well Enough?” in NYC on June 8, 2009.

June 3, 2009

EMTA and Risk Management Association Special Presentation "Emerging Markets Today and in the Future”.

June 1, 2009

Aurelius Capital Partners, et al v. Argentina.

May 26, 2009

EMTA and the UN Financing for Development Special Presentation "EM Debt: Is the System Working Well Enough?” in NYC on June 8, 2009.

Ecuador Communiqué regarding the Clearing Price for the 2012 and 2030 Bonds.

May 21, 2009

Congress Introduces Legislation on Argentine Debt and Court Defaults.

May 13, 2009

EMTA and Risk Management Association Special Presentation "Emerging Markets Today and in the Future” in NYC on June 3, 2009.

May 12, 2009

Ecuador Communiqué regarding the Tender Offer.

May 11, 2009

EMTA Special Presentation “Ecuador’s Tender Offer” in NYC on May 29, 2009.

May 7, 2009

Bingham McCutchen Letter regarding Ecuador Bondholder Call on May 8.

Transcript of May 6 Ecuador Call (Available Until August 4, 2009)

April 30, 2009

Communiqué from the Minister of Finance of the Republic of Ecuador: English and  Spanish  versions.

April 24, 2009

Ecuador Tender Offer:  Felix Salmon Commentary and Ecuador Minister of Finance Letter.

April 21, 2009

Colombia Becomes Third Country to Seek Access to IMF's Flexible Credit Line (FCL).

April 20, 2009

Announcements Relating to Ecuador: Ecuador Tender OfferPress Release (and Spanish Version) and Key Contacts for the Information AgentTrustee Information Notice to Bondholders and Milbank Tweed Newsletter.

April 14, 2009

Poland Becomes Second Country to Seek Access to IMF's Flexible Credit Line (FCL).

April 1, 2009

Joint Press Release from Mexican Finance Ministry and Central Bank Announcing Mexico Will Apply for IMF's Flexible Credit Line (FCL).

March 16, 2009

Ecuador Trustee Notice for 2012 Bonds and  2030 Bonds.

March 9, 2009

EMTA Special Presentation “Recent and Potential Litigation in EM Area” in NYC (with London video-link hosted by Herbert Smith) on March 9, 2009.

February 13, 2009

Republic of Ecuador - Disclosure Request.

January 14, 2009

Capital Ventures International v. Argentina.

January 9, 2009

Various Retail Bondholders v. Argentina.

December 15, 2008

Ecuador Commission Report (in Spanish).

December 12, 2008

Aurelius Capital Partners v. Argentina.

November 20, 2008

IMF Approves $2.1 Billion Loan For Iceland. 

November 17, 2008

"Ecuador: On the Likelihood of Debt Restructuring." November 17, 2008 - Gustavo Canonero and Hongtao Jiang (Deutsche Bank).

Standard & Poor's Downgrades Hungary's Long-Term Foreign Currency Rating from BBB+ to BBB. 

November 14, 2008

Statement Issued by Ecuadorian Ministry of Finance Concerning Global Bond Issues (in Spanish).

November 5, 2008

IMF Approves US$16.4 Billion Stand-By Arrangement for Ukraine.

Aurelius Capital Partners v. Argentina. 

October 31, 2008

Ukraine: Letter of Intent, Memorandum of Economic and Financial Policies, and Technical Memorandum of Understanding.

October 30, 2008

Aurelius Capital Partners v. Argentina.

October 29, 2008

IMF to Launch New Facility for Emerging Markets Hit by Crisis.

Transcript of a Press Conference by IMF Managing Director Dominique Strauss-Kahn on the Launch of a New Facility for Emerging Markets Hit By Crisis. 

October 28, 2008

IMF Announces Staff-Level Agreement with Hungary on €12.5 Billion Loan (US$15.7 billion); European Union, World Bank to Lend, Too.

IMF, EU, and World Bank Line Up $25 Billion for Hungary.

October 26, 2008

IMF Announces Staff Level Agreement with Ukraine on US$16.5 Billion Loan.

IMF Set to Lend Ukraine $16.5 Billion, In Talks With Hungary.

October 24, 2008

IMF Announces Staff Level Agreement on US$2.1 Billion Loan to Iceland. 

October 22, 2008

IMF in Talks on Loans to Countries Hit by Financial Crisis.

Statement by IMF Managing Director Strauss-Kahn on Pakistan.

Statement by IMF Managing Director Strauss-Kahn on the Republic of Belarus. 

September 24, 2008

Commentary on Argentina Bond Swap Proposal from Credit Suisse.

September 22, 2008

President Kirchner Confirms that Argentina Considering Proposals to Restructure Outstanding Defaulted Bonds. Commentary from  BCP  and  Credit Suisse. 

September 2, 2008

International Working Group of Sovereign Wealth Funds Reaches a Preliminary Agreement on Draft Set Generally Accepted Principles and Practices - "Santiago Principles".

August 7, 2008

Standard & Poor's Downgrades the Seychelles' Long-Term Foreign Currency Rating from CCC to SD.

July 31, 2008

Notice from Seychelles Noteholders Committee Regarding Payment of Seychelles' Euro-denominated Bond Due 2011.

May 14, 2008

The Report from the EMTA Africa Workshop: "Financing African Development Post-HIPC: What Role for the Private Sector?", held in London on November 5, 2007, is now available. 

April 21, 2008

Various Retail Bondholders v. Argentina.

April 3, 2008

CMS Gas Transmission Co. v. Argentina.

March 20, 2008

Mobil Cerro Negro v. PDVSA - Reasons for Judgment to Discharge Freeze in the UK.

March 18, 2008

Mobil Cerro Negro v. PDVSA - Summary of Order to Discharge Freeze in the UK.

March 11, 2008

Mobil Cerro Negro v. PDVSA - Oral Argument in US.

February 22, 2008

Mobil Cerro Negro v. PDVSA - SDNY Orders Confirming Attachments and Authorizing Deposit of Funds.

February 13, 2008

Mobil Cerro Negro v. PDVSA - US Attachment Orders.

February 11, 2008

Standard & Poor's Statement: Petroleos de Venezuela S.A., Venezuela, And Related Issuers Ratings Unaffected By Court Ruling.

February 8, 2008

Mobil Cerro Negro v. PDVSA - UK Freeze Order.

Fitch Ratings Statement: British Court Order to Freeze PDVSA Assets To Have Minimal Near-Term Impact. 

January 30, 2008

Iraq's Ministry of Finance Invites Registration of Commercial Claims Against Certain Iraqi Obligors as of August 6, 1990.

December 3, 2007

Various Retail Bondholders v. Argentina.

November 7, 2007

Various Retail Bondholders v. Argentina. 

October 1, 2007

EM Ltd. and NML Capital v. Argentina Supreme Court Writ of Certiorari Denied.

September 26, 2007

Capital Ventures International v. Argentina.

September 10, 2007

German Federal Constitutional Court Decision Relating to Argentina.

July 18, 2007

EM Ltd. and NML Capital v. Argentina Brief in Opposition of Petition for Writ of Certiorari.

EM Ltd. and NML Capital v. Argentina Central Bank Brief in Opposition of Petition for Writ of Certiorari.

EM Ltd. and NML Capital v. Argentina Reply Brief in Support of Petition for Writ of Certiorari.

June 4, 2007

Special Presentation: "The Argentina Precedent: Will Others Follow?" 

May 31, 2007

EM Ltd. and NML Capital v. Argentina Petition for Writ of Certiorari.

May 2, 2007

Venezuela Statement Regarding IMF and IBRD Membership.

March 15, 2007

Nigeria Press Release Regarding Warrant Tender Offer.

March 14, 2007

EM Ltd. and NML Capital v. Argentina Motion for Notice of Offering.

EM Ltd. and NML Capital v. Argentina Motion to Stay.

March 1, 2007

Congo Press Release Relating to London Club Meeting.

February 26, 2007

Nigeria Launches Tender Offer for Warrants.

February 20, 2007

Belize Closes Exchange Offer with 98% of Eligible Debt Tendered.

February 13, 2007

Citibank, as Fiscal Agent, Receives Notice from 25% of Par and Discount Brady Bondholders to Accelerate the Debt.

Moody's Upgrades Belize from Caa3 to Caa1 Following Restructuring.

"Ecuador's Poor Will Restructure Emerging Market Debt" - Adam Lerrick (American Enterprise Institute).

February 9, 2007

EM Ltd. and NML Capital v. Argentina Southern District of New York Transcript.

January 31, 2007

Belize Says that 93% of Eligible Debt Accepts Restructuring Offer.

 

Banca Arner v. Argentina Amended Judgment in SDNY Court.

January 26, 2007

Nigeria Hires Citigroup for Planned Tender Offer for Warrants.

January 24, 2007

Petition for Rehearing and Rehearing En Banc in NML Capital v. Argentina.

January 11, 2007

Nigeria Intends to Launch Tender Offer for Warrants.

January 5, 2007

Second Circuit Decision in EM Ltd. and NML Capital v. Argentina.

December 7, 2006

Standard & Poor's Downgrades Belize's Long-Term Foreign Currency Rating to 'Select Default'.

December 6, 2006

Statement from Government of Belize on Debt Exchange Offer.

EMTA Special Presentation on 'Partial' Sovereign Restructurings: Official Sector Implications.

November 8, 2006

EM Ltd. and NML Capital v. Argentina.

October 6, 2006

EM Ltd. and NML Capital v. Argentina.

October 5, 2006

EMTA Special Seminar on "Enforcement Under the Foreign Sovereign Immunities Act”:

September 28, 2006

Stipulation Order in EM Ltd. and NML Suits Against Argentina.

September 20, 2006

 EM Ltd. and NML Capital Suits Against Argentina Previously Under Seal.

August 9, 2006

EMTA Special Seminar on "'Partial' Sovereign Restructurings and their Implications" hosted by Clifford Chance to be held in London on October 12, 2006.

August 2, 2006

Belize Announces Debt Rearrangement.

Letter from Belize's Prime Minister Regarding Formation of Creditors Committee.

July 31, 2006

Russian Ministry of Finance Announces Second Tranche of Former USSR FTO Debt Exchange.

July 14, 2006

EMTA to Host a Special Seminar on "'Partial' Sovereign Restructurings and Their Implications: Enforcement Under the Foreign Sovereign Immunities Act” in New York City on October 5, 2006.

Fifth Circuit Decision in FG Hemisphere Associates v. Congo. TO HERE

June 7, 2006

EMTA Special Seminar on "'Partial' Sovereign Restructurings and Their Implications”:

June 5, 2006

EM Ltd. v. Argentina.

April 24, 2006

Southern District Court Decision in Libancell v. Lebanon.

April 12, 2006

Press Release Issued by Lebanon's Finance Ministry Concerning Cancellation of Cash Portion of Eurobond Offer.

March 29, 2006

EM Sovereign Bond Charts for Ecuador and Macedonia.

March 27, 2006

Second Circuit Decision in Capital Ventures International v. Argentina.

UK Court Decision in Essar Steel Limited v. The Argo Fund Limited.

March 2, 2006

Italian Bondholder Association (TFA) Announces ICSID Proceeding Against Argentina (in Italian).

February 25, 2006

Venezuela Announces Plans to Retire All Outstanding Par and Discount Bonds. Click Here for Spanish Version. 

February 24, 2006

Southern District Court of NY Decisions in Suits Against Argentina by Greylock, Exposito and Colella and FFI Fund.

German Court Decision Against Argentina: Press Release (German), Press Release (Unofficial Translation) and Judgment (Unofficial Translation). 

February 23, 2006

Brazilian Treasury Statement on Brady Bonds.

February 15, 2006

EMTA Announces Its Proposed Multilateral Netting Facility for Venezuela Oil Obligations.

EM Sovereign Bond Chart for Iraq. 

January 23, 2006

Iraq Closes Restructuring Deal.

January 19, 2006

Greylock v. Province of Mendoza Second Circuit Affirmation of District Court Decision.

December 13, 2005

GMO Emerging Country Debt Investment Fund and GMO Emerging Country Debt Fund v. Argentina.

December 1, 2005

EM Sovereign Bond Charts for Israel and Vietnam.

July 28, 2005

Iraq Announces Terms of Commercial Debt Settlement Offer.

July 19, 2005

Fontana v. Argentina and Applestein v. Buenos Aires, Second Circuit Decisions Re: Bondholder Standing to Sue.

June 29, 2005

Paris Club Sets Naples Terms for Nigeria.

June 10, 2005

Argentina's Ministry of Economy Issues Statement on Conclusion of Debt Exchange.

June 3, 2005

Argentina Bonds Credited by Euroclear to Bondholder Accounts; Settlement Date for W/I Trades is June 9.

June 2, 2005

Argentina's Ministry of Economy Issues Statement on Conclusion of Debt Exchange.

Primer for Settlement of W/I Trades in Argentina Par and Discount Bonds.

Memorandum of Law in Support of Plaintiff's Motion to Dismiss Counterclaim in NML Capital v. Argentina.

June 1, 2005

Standard & Poor's Upgrades Argentina's Long-Term Issuer Credit Rating to B-.

May 25, 2005

EM Ltd. and NML Capital Motion for Recall of Mandate and Stay of Vacatur.

May 24, 2005

District Court Upholds Vacation of Attachment Order and Restraining Notice in Argentina Litigation.

EM Sovereign Bond Chart for Dominican Republic.

May 23, 2005

Motion for Immediate Issuance of Mandate Affirmed by Second Circuit in EM Ltd. and NML Capital v. Argentina Litigation.

May 20, 2005

New and Amended Russian Ruble Rate Source Definitions Announced by EMTA, ISDA and the FXC.

Fiscal Agent Notice Regarding May 15, 2005 Payment on Nigeria Payment Adjustment Rights.

May 18, 2005

EM Sovereign Bond Chart for Uruguay.

May 13, 2005

EM Ltd. and NML Capital v. Argentina Second Circuit Decision.

Argentina to Challenge Unfavorable ICSID Ruling in First of Several FDI Investor Suits Brought Before World Bank Tribunal. Commentary from CSFB and Goldman Sachs.

Paris Club Accepts Russia's Offer to Prepay US$ 15 Billion of Its Debt.

May 9, 2005

Dominican Republic Announces Final Results of its Exchange Offer. English Version. Español. 

April 26, 2005

EM Ltd. and NML Capital v. Argentina Oral Argument Schedule in Second Circuit.

April 20, 2005

EM Ltd. v. Argentina Reply Brief.

NML Capital v. Argentina Reply Brief.

Amicus Brief by the Clearing House Association on Behalf of Argentina in Connection with the EM Ltd. Litigation.

Amicus Brief by the Clearing House Association on Behalf of Argentina in Connection with the NML Capital Litigation.

Amicus Brief by Argentina Pension Fund on Behalf of Argentina.

Amicus Brief by Fintech Advisory Inc. on Behalf of Argentina in Connection with the EM Ltd. Litigation.

Amicus Brief by EMCA in Connection with NML Capital v. Argentina Litigation.

April 13, 2005

EM Ltd. v. Argentina Appellee Brief.

April 7, 2005

NML Capital v. Argentina Appellate Brief.

April 6, 2005

EM Ltd. v. Argentina Appellate Brief.

April 4, 2005

Dominican Republic's Central Bank Issues Statement on Coupon due on March 27, 2005.

Second Circuit Motions Panel Granted the NML and EM Ltd. Motions for an Expedited Appeal in Litigation Against Argentina. Proposed Filing Schedule: Appellants' Brief and Appendix Due on April 6; Appellee's Brief in Opposition Due on April 13; Reply Brief Due on April 20; Appeal Ready for Argument Week of April 25.

Calculations for Payments on Venezuela Oil Obligations Announced.

April 1, 2005

Certification Orders in NML Capital and EM Ltd. v. Argentina Actions.

New Class Action Certifications in Litigation Against Argentina.

March 31, 2005

Transcript of Oral Argument in NML Capital v. Argentina.

March 30, 2005

EM Sovereign Bond Chart for Serbia.

March 29, 2005

Attachment Proceedings in NML Capital v. Argentina.

Restraining Notice in EM Ltd. v. Argentina.

March 18, 2005

Argentina Announces Results of Exchange Offer.

March 10, 2005

EM Sovereign Bond Charts for El Salvador and Poland.

March 8, 2005

Argentina Ministry of Finance Commentary on its Debt Exchange.

Revised Recommended Argentina WI Confirmation Forms for ARS Par and Discount Bonds.

February 24, 2005

Commentary from JP Morgan on Belgian Legal Reform's Effects on Argentine Debt Restructuring.

February 16, 2005

Rabbi Jacob Joseph School v. Province of Mendoza Opinion.

February 15, 2005

GCAB: ICSID Position Paper.

February 11, 2005

EM Sovereign Bond Charts for Lithuania and Poland.

February 10, 2005

Greylock v. Province of Mendoza Opinion.

February 1, 2005

Dominican Republic Letter of Intent.

January 28, 2005

Rabbi Jacob Joseph School v. Province of Mendoza. Plaintiff's and Defendant's Memoranda of Law in Support of their Respective Motions for Leave to Join Additional Defendants.

January 24, 2005

EM Sovereign Bond Chart for Argentina (Prospectus Supplement).

January 20, 2005

"Nigeria: Waiting It out on the Oil Warrants." Alex Garrard (UBS).

January 13, 2005

Market Reacts to the Argentine Debt Restructuring Offer. Commentary from CSFB, Goldman and JP Morgan.

January 12, 2005

EM Sovereign Bond Chart for Argentina (Post-Effective Amendment No. 1).

January 11, 2005 "The IMF's Immunity to Loss is in Jeopardy." - Adam Lerrick (American Enterprise Institute).

January 6, 2005

Greylock v. Province of Mendoza. Plaintiff's and Defendant's Memoranda of Law in Opposition to their Respective Motions for Summary Judgment.

December 20, 2004

Greylock v. Province of Mendoza. Plaintiff's and Defendant's Memoranda of Law in Support of their Respective Motions for Summary Judgment.

December 16, 2004

EM Sovereign Bond Chart for Hungary.

December 9, 2004

Bondholders Won't Back IIF Principles.

November 24, 2004

Transcript of Urban v. Argentina Action.

Court Decides on Argentina Prospectus Language. Commentary from CSFB.

November 23, 2004

Bank of New York Resigns as Exchange Agent for Argentine Restructuring. Commentary from Citigroup and JP Morgan.

November 21, 2004

Paris Club Announces Accord on Iraqi Debt. Commentary from JP Morgan.

November 19, 2004

Transcript of Urban v. Argentina Action.

November 18, 2004

Court Allows Argentina Restructuring to Proceed. Commentary from Citigroup.

November 16, 2004

Argentina’s Briefs in Response to Urban and Retail Bondholder Suits.

November 10, 2004

GCAB Files Amicus in Support of Motion to Enjoin Argentine Exchange Offer.

November 8, 2004

Retail Bondholder Suits Against Argentina.

EM Sovereign Bond Chart for Venezuela.

November 1, 2004

IPMA's Model CACs under English Law and EMTA CAC Chart.

October 28, 2004

EM Sovereign Bond Chart for Turkey.

October 21, 2004

EM Sovereign Bond Charts for Brazil and Mendoza (a Province of Argentina).

October 20, 2004

Second Legal Action Brought Against Argentine Province of Mendoza.

October 12, 2004

Opinion in Greylock v. Province of Mendoza.

October 6, 2004

Mendoza Province of Argentina Responds to Legal Action.

Notice from the Fiscal Agent Regarding Delay in Venezuela Warrant Calculation.

October 4, 2004

EM Sovereign Bond Chart for Guatemala.

September 30, 2004

Legal Action Brought Against Mendoza Province of Argentina.

September 7, 2004

Second Circuit Affirms EM Limited's $700 Million Judgment Against Argentina.

August 4, 2004

Global Committee of Argentina Bondholders (GCAB) White Paper and Press Release Relating to Roadshows in US, Europe and Asia.

July 19, 2004

Results of Survey on Financial Innovation in the Emerging Markets Released by IMF. Click Here for Summary. Click Here for Full Report.

July 15, 2004

Press Release Issued by the Republic of Argentina.

July 14, 2004

Global Committee of Argentina Bondholders Roadshow in New York -- Presentation and Analyst Comments:

July 9, 2004

Global Committee of Argentina Bondholders Announce July 13-22 Road Show Schedules for US and Europe. Click Here for US Schedule. Click Here for Europe Schedule.

July 2, 2004

Press Release Issued by the Republic of Argentina Announcing the Filing with the SEC of a Shelf Registration.

July 1, 2004

EM Sovereign Bond Chart for Czech Republic.

June 24, 2004

S&P Issues Report on Aries Vermogensverwaltungs GmbH, Russian Federation Sovereign Credit-Linked Notes.

EM Sovereign Bond Chart for Brazil.

June 17, 2004

Calculations for Payments on Mexico VRR’s, Series B, Announced.

Calculations for Payments on Uruguay VRR's Announced.

June 16, 2004

EM Sovereign Bond Charts for Slovak Republic and Lebanese Republic.

June 9, 2004

The Paris Club Meets with Representatives of the Private Sector.

May 5, 2004

EM Sovereign Bond Chart for Philippines.

April 21, 2004

EM Sovereign Bond Chart for Croatia.

EMPower Invitation to a Presentation by Fundacion Leer.

April 16, 2004

EM Sovereign Bond Chart for Pakistan.

Paris Club Press Release on Its Agreement to Restructure $193 Million of the Dominican Republic's Debt.

April 12, 2004

EMCA Letter to Russian Government Officials Regarding FTO Debt.

April 2, 2004

EM Sovereign Bond Chart for Poland.

April 1, 2004

The Pari Passu Clause -- What is Fair Treatment? (Michael M. Chamberlin).

Brady Bond Holiday Schedule for Good Friday/Easter Monday Holidays.

March 29, 2004

EM Sovereign Bond Charts for Indonesia, Latvia, Philippines, Romania, Slovak Republic and Thailand.

March 27, 2004

"An Update on Argentina," Presentation Made By Guillermo Nielsen, Secretary of Finance of Argentina at the IADB Meeting in Lima. Click Here for English Version. Click Here for Spanish Version.

March 24, 2004

Argentina's March 10, 2004 Letter of Intent to the IMF.

March 23, 2004

Brussels Court Decision is Reversed in LNC Investments v. Nicaragua and Euroclear.

EM Sovereign Bond Charts for Bahamas, Lithuania and Tunisia.

March 10, 2004

Transcript of Conference on March 5, 2004 Before Judge Griesa Regarding the Freezing of Bank Deposits.

February 26, 2004

EM Sovereign Bond Chart for Israel.

February 10, 2004

EM Sovereign Bond Documentation Charts for Philippines and Poland.

February 6, 2004

EM Sovereign Bond Documentation Charts for Chile and Panama.

January 30, 2004

Amended Opinion in District Court Decision in Urban v. The Republic of Argentina (Granting Class Action Certification).

January 26, 2004

Transcript of Conference on January 15, 2004 Before Judge Griesa Regarding Pari Passu.

January 23, 2004

EM Sovereign Bond Documentation Chart for Hungary.

January 22, 2004

EM Sovereign Bond Documentation Charts for Colombia and Costa Rica.

January 15, 2004

EMCA Letter States its Views on Pari Passu Question Before Judge Griesa.

January 13, 2004

U.S. Statement of Interest, New York Fed Amicus Curiae Brief, New York Clearing House Amicus Curiae Brief, Plaintiffs' Memorandum of Law and Argentina Memorandum of Law in the Macrotecnic International Corp. and EM Ltd. v. Argentina District Court Case.

January 6, 2004

District Court Decision in Urban v. The Republic of Argentina (Granting Class Action Certification).

December 4, 2003

EMTA’s Annual Meeting Focuses on Argentina.

  • EMTA Seeks to Promote Better Dialogue
    [Excerpt from Michael Chamberlin's Remarks]
  • ABC Describes their Counterproposal;
    Announces Agreement in Principle among Creditors to Form Global Steering Committee to Negotiate with Argentina.
  • Secretary Nielsen Senses Common Ground with Creditors; Reaffirms that Argentina will not Make Unilateral Offer. While declining to discuss in any detail his December 3 meeting with ABC, or his reaction to the ABC Counterproposal, Secretary Nielsen did note his sense that Argentina and its Creditors were "getting closer to common ground" in their restructuring dialogue. Click on the following links for Mr. Nielsen's speech. Click Here for English Version. Click Here for Spanish Version.

December 3, 2003

EM Sovereign Bond Documentation Chart for Peru.

November 24, 2003

Declaration of Troland Link in LNC Investments v. Nicaragua and Euroclear.

September 29, 2003

EM Sovereign Bond Documentation Chart for Turkey.

September 24, 2003

Brussels Court Decision in Nicaragua v. LNC Investments and Euroclear. For further info, pls contact awerner@emta.org.

September 19, 2003

EM Sovereign Bond Documentation Chart for Venezuela.

September 18, 2003

District Court Decisions in EM Ltd. v.The Republic of Argentina. 

September 15, 2003

"Restructuring Sovereign Debt: The Case for Ad Hoc Machinery." September 15, 2003 - Lex Rieffel, Study Funded in Part by EMTA and IPMA.

August 25, 2003

EM Sovereign Bond Documentation Charts for Brazil and Guatemala.

July 17, 2003

EM Sovereign Bond Documentation Chart for Morocco.

June 26, 2003

Argentine Ministry of Economy Issues Communiqué to Its Creditors.

June 18, 2003

EM Sovereign Bond Documentation Charts for Belize and Ukraine.

June 12, 2003

EMTA's Second Quarter Bulletin is Now Available in our Bulletin Section.

EM Sovereign Bond Documentation Charts for Brazil and Mexico.

June 9, 2003

Chamberlin Remarks at Int’l Insolvency Institute.

June 6, 2003

"Restructuring Sovereign Debt: The Case for Ad Hoc Machinery," by Lex Rieffel, Study Funded in Part by EMTA and IPMA, to be Published in September 2003.

May 29, 2003

EM Sovereign Bond Documentation Chart for Korea.

May 23, 2003

EM Sovereign Bond Documentation Charts for Brazil, Mexico and South Africa, as well as for 2000 Ecuador and Russia.

May 15, 2003

Press Release Issued by the Argentine Ministry of Economy Regarding Formation of Investor Groups.

May 2, 2003

EM Sovereign Bond Documentation Charts for Brazil and Mexico.

April 16, 2003

EM Sovereign Bond Documentation Charts for Mexico and Uruguay.

April 12, 2003

IMF Spring Meetings -- Official Communiques and Statements: Official Sector Lauds Mexico for Introducing CACs, SDRM Called "Not Feasible'.

February 28, 2003

Argentine Ministry of Economy Issues Communiqué to Its Creditors.

February 26, 2003

EMCA Releases Statement on Mexico's Decision to Issue Bonds Containing Collective Action Clauses (CACs).

February 24, 2003

U.S. Treasury Statement Regarding the Decision by Mexico to Issue Bonds with Collective Action Clauses.

February 3, 2003

EMTA, Other Financial Trade Ass'ns Distribute Marketable Bonds Package to G-10 Finance Ministers.

January 27, 2003

Argentina Releases IMF Letter of Intent, including  Cover Letter , Memorandum of Economic Policies, Quantitative Performance Targets, and Technical Memo of Understanding.

January 21, 2003

Argentina Bondholders Committee Issues Press Release on Argentina's Agreement with the IMF.

January 16, 2003

Argentina Announces It Has Reached an Agreement with the IMF for a Stand-By Program.

January 7, 2003

IMF Board Discusses Possible Features of a Sovereign Debt Restructuring Mechanism. CLICK HERE for IMF Paper "The Design of the Sovereign Debt Restructuring Mechanism -- Further Considerations."

December 17, 2002

EMTA, Other Trade Ass'ns Sharply Criticize IMF's SDRM Proposal and Offer Market-Based Alternative, in Comprehensive Paper Sent to G-7 Officials on December 6. 

December 5, 2002

EMTA 2002 Annual Meeting Highlights:

December 2, 2002

Exchange of Argentine Provincial Bonds.

October 17, 2002

Private Sector Representatives Speak Out Against SDRM and in Favor of Marketable Contractual Alternative at IIF Conference in London.

October 4, 2002

SPECIAL REPORT

IMF to Present Concrete Proposals for its Sovereign Bankruptcy Regime (‘SDRM’) for Consideration at its Spring 2003 Meetings; At Same Time, G-7/G-10 Welcome Private Sector Progress in Developing Collective Action Clauses (‘CAC’s')

  • G-7 Statement (9/27/02)
    • Welcomes Progress both on CAC’s and SDRM
  • G-10 Communiqué (9/27/02)
    • Describes CAC’s and SDRM’s as Complementary
  • IMF Communiqué (9/28/02)
    • Welcomes Progress on CAC’s but Calls for a Concrete SDRM Proposal to be considered By IMF Membership at its Spring Meetings
    • Statement of Pedro Malan, Brazil’s Minister of Finance, to the IMFC on behalf of the IMF Constituency comprising Brazil and 8 other Latin American Countries (9/28/02)
      • Questions the Benefits, and Expresses Concerns about Potential Costs, of the SDRM
      • CAC’s Offer Better Prospects for Improving the Sovereign Debt Restructuring Process
    • Executive Summary (9/26/02) of Private Sector Trade Ass’n Views on CAC’s
      • CAC’s as the Preferred Approach to SDRM
      • CAC’s must be Marketable
      • Principles for Marketable CAC’s
      • SDRM and CAC’s are Not Compatible
      • EMTA Position (10/15/02) regarding the Quest for More Orderly Sovereign Work-Outs

September 18, 2002

Letter from the IIF to Gordon Brown, Chairman of the G-7 International Monetary and Financial Committee.

August 21, 2002

Proposed Changes to the US Foreign Sovereign Immunities Act Approved by American Bar Association House of Delegates.

August 9, 2002

A Casual Observer's Commentary on the Taylor Proposal and EMCA's Model Covenants for New Sovereign Debt Issues (5/3/02 draft).

August 7, 2002

EMTA Opposes Changes in the U.S. Sovereign Immunities Act Proposed by American Bar Association Working Group.

July 30, 2002

IMF Policy on Lending into Arrears to Private Creditors.

July 29, 2002

Press Release Issued by the Republic of Argentina.

July 15, 2002

EMTA Publishes Part (1) of a Commentary on the Taylor Proposal and on EMCA's Model Covenants for New Sovereign Debt Issues.

June 11, 2002

Financial Trade Associations Announce Broad Consensus on Market-Based Principles for Crisis Management and Sovereign Debt Restructuring. Click Here for Text of Joint Trade Association Letter.

Click Here for Press Release.

May 3, 2002

EMCA's Model Covenants for New Sovereign Debt Issues.

Argentina Bondholders' Committee Issues Principles for the Restructuring of Argentina International Bonds.

April 30, 2002

"New Policies for Economic Development." Remarks by John B. Taylor, Under Secretary for International Affairs, US Treasury at the Annual World Bank Conference on Development Economics.

April 10, 2002

Letter to the Republic of Argentina's Bondholders from Finance Secretary Lisandro Barry.

April 2, 2002

Remarks Delivered by John Taylor, Under Secretary for International Affairs at the US Treasury, on Sovereign Debt Workouts at the IIE Conference in Washington, DC.

"Revisiting the IMF’s Sovereign Bankruptcy Proposal and the Quest for More Orderly Sovereign Work-Outs." April 2, 2002 - Michael M. Chamberlin (EMTA Executive Director). (Remarks Delivered at the Institute for International Economics Conference on "Sovereign Debt Workouts: Hopes and Hazards.)

March 8, 2002

The Slide Presentation Made by Paris Club Officials at a Meeting with Private Sector Representatives Is Available at http://www.clubdepari s.org/rep_upload/presentationcomplete0.pdf.

March 5, 2002

Argentine Economy Minister Lenicov Issues Letter to EMTA Detailing Its Efforts to Open A Dialogue with External Creditors on a Resolution of the Country's Credit Situation.

February 7, 2002

"Improving the Bretton Woods Financial Institutions," Remarks by US Undersecretary of Treasury for International Affairs John Taylor.

February 6, 2002

EMTA, SIA, IPMA, ISDA and TBMA Issue Joint Letter Criticizing IMF's Proposed New Approach to Sovereign Debt Crisis Resolutions.

January 29, 2002

"The IMF's Sovereign Bankruptcy Proposal and the Quest for More Orderly Sovereign Work-outs (Revised)," Remarks by EMTA Executive Director Michael M. Chamberlin at the JP Morgan Emerging Markets Winter Conference.

January 23, 2002

"The IMF's Sovereign Bankruptcy Proposal and the Quest for More Orderly Sovereign Work-outs," Remarks by EMTA Executive Director Michael M. Chamberlin at the UN Global Conference on Financing for Development Panel on Orderly Debt Work- Outs.

December 31, 2001

New NDF Market Practice for Deferral of December 21, 2001 Valuation Date to January 2, 2002.

November 20, 2001

Argentine Economy Minister Cavallo Issues Letter to Holders of Argentine Bonds.

November 9, 2001

"At the Frontier of Exit Consents," Remarks by Michael Chamberlin at Bear Stearns/EMCA Conference. 

May 17, 2001

Remarks Made By EMTA Executive Director Michael M. Chamberlin at Asia Society Conference on the Asian Debt Markets.

May 1, 2001

EMTA Executive Director Michael Chamberlin to Speak at May 17 Asia Society Conference on Asian Debt Markets.

April 25, 2001

Paris Club Website Now Available.

The Paris Club has informed us that their new website (www.clubdeparis.org) became operational this morning. EMTA believes that this is a significant step toward greater Paris Club transparency, and we encourage all market participants to visit and review the new website and help us to evaluate its usefulness.

April 10, 2001

EMTA Issues Memo on April 3 Paris Club Meeting.

April 3, 2001

Private Sector meets with Paris Club to Discuss Greater Transparency, Dialogue.

February 15, 2001

Today's Emerging Markets: Building an Asset Class with More Meaningful Investor Rights." - Presentation by EMTA Executive Director Michael Chamberlin at the MAR Hedge Fund Conference, Geneva.

January 24, 2001

IIF Publishes List of Principles for Private Sector Involvement in Crisis Prevention and Resolution.

June 8, 2000

EMTA Sponsors Working Group Meeting on Mexico Value Recovery Rights.

US Treasury Responds to Meltzer Commission Report.
Click here to go to Meltzer Commission Report.