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Collective Action Clauses and Sovereign Debt restructuring frameworks: why and when is restructuring appropriate

In this paper, I will first make a few considerations about the legal aspects of Collective Action Clauses (CACs) in the context of the Eurozone and then approach the broader economic issue of why it may be useful to have more efficient CACs, such as single-limb CACs, and when and in what circumstances it may be appropriate to restructure sovereign debts.