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- Collective_action_clause abstract "A collective action clause (CAC) allows a supermajority of bondholders to agree to a debt restructuring that is legally binding on all holders of the bond, including those who vote against the restructuring. Bondholders generally opposed such clauses in the 1980s and 1990s, fearing that it gave debtors too much power. However, following Argentina's December 2001 default on its debts in which its bonds lost 70% of their value, CACs have become much more common, as they are now seen as potentially warding off more drastic action, but enabling easier coordination of bondholders.During the financial crisis of 2011-12, the Greek government imposed, with the support of the IMF and ECB, a retroactive CAC with a threshold of 75%. That impacted 90% of the bonds, which issued under the jurisdiction of Greek courts. On 9 May 2012, the required supermajority was obtained, with 85.8% of domestic-law bonds tendered in favour. An investor named Bill Gross said, \"The sanctity of their contracts is certainly lessened. Bondholders have that to look forward to going into the future,\" but the French Minister of Finance celebrated the deal. In the exchange, investors will receive new bonds with a face value of 31.5 percent of the old ones, together with notes from the EFSF. The new debt is governed by English law and comes with warrants that may provide extra income in years if Greek economic growth exceeds thresholds.In accordance with the treaty establishing the European Stability Mechanism, all bonds issued by Eurozone member states with maturities exceeding one year, issued after January 1, 2013, have a mandatory collective action clause.".
- Collective_action_clause wikiPageExternalLink wp249.pdf.
- Collective_action_clause wikiPageID "2362408".
- Collective_action_clause wikiPageLength "3280".
- Collective_action_clause wikiPageOutDegree "12".
- Collective_action_clause wikiPageRevisionID "669481054".
- Collective_action_clause wikiPageWikiLink Argentina.
- Collective_action_clause wikiPageWikiLink Bill_Gross.
- Collective_action_clause wikiPageWikiLink Bond_(finance).
- Collective_action_clause wikiPageWikiLink Category:Commercial_bonds.
- Collective_action_clause wikiPageWikiLink Category:Systemic_risk.
- Collective_action_clause wikiPageWikiLink Debt_restructuring.
- Collective_action_clause wikiPageWikiLink European_Central_Bank.
- Collective_action_clause wikiPageWikiLink European_Financial_Stability_Facility.
- Collective_action_clause wikiPageWikiLink European_Stability_Mechanism.
- Collective_action_clause wikiPageWikiLink Eurozone.
- Collective_action_clause wikiPageWikiLink International_Monetary_Fund.
- Collective_action_clause wikiPageWikiLink Supermajority.
- Collective_action_clause wikiPageWikiLinkText "Collective action clause".
- Collective_action_clause wikiPageWikiLinkText "collective action clause".
- Collective_action_clause wikiPageUsesTemplate Template:Econ-stub.
- Collective_action_clause wikiPageUsesTemplate Template:Law-term-stub.
- Collective_action_clause wikiPageUsesTemplate Template:Reflist.
- Collective_action_clause subject Category:Commercial_bonds.
- Collective_action_clause subject Category:Systemic_risk.
- Collective_action_clause type Term.
- Collective_action_clause comment "A collective action clause (CAC) allows a supermajority of bondholders to agree to a debt restructuring that is legally binding on all holders of the bond, including those who vote against the restructuring. Bondholders generally opposed such clauses in the 1980s and 1990s, fearing that it gave debtors too much power.".
- Collective_action_clause label "Collective action clause".
- Collective_action_clause sameAs Q1108968.
- Collective_action_clause sameAs Collective_Action_Clause.
- Collective_action_clause sameAs Ρήτρα_συλλογικής_δράσης.
- Collective_action_clause sameAs Cláusula_de_acción_colectiva.
- Collective_action_clause sameAs Collective_action_clause.
- Collective_action_clause sameAs m.076lyj.
- Collective_action_clause sameAs Q1108968.
- Collective_action_clause wasDerivedFrom Collective_action_clause?oldid=669481054.
- Collective_action_clause isPrimaryTopicOf Collective_action_clause.