April 3, 2012 - Assignment

Mannheimer Swartling advises on ECB rescue package and sovereign debt workout for Greece

In February 2012 Greece received a USD 171.9 billion rescue package from the European Central Bank and private sector investors holding portions of the country’s sovereign debt agreed to restructure their bonds. The rescue package and debt resettlement deal came with several conditions for Greece, including an obligation for Greece to reduce its debt to approximately 120.5 percent of gross domestic product. The effort to restructure Greece’s debt represents one of the largest sovereign workouts since 1900.

The Greek government was advised by Cleary Gottlieb. Mannheimer Swartling has assisted Cleary Gottlieb and the Greek government with Swedish legal advice in relation to above transactions. The firm’s team included partner André Andersson and senior associates Veronica Stiller and Mirka Ylinen Gorne.