American firms helped secure Greek bailout
23rd February 2012
It has been revealed that three high-profile US law firms took a leading role in securing Greece’s recent second bailout. The package, which is worth £110bn, is intended to ensure the debt-stricken country remains in the eurozone and is the subject of widespread controversy.
Whilst two of the practices gave help to the government’s private creditor investor committee (with London partners leading the talks for one firm), another advised on sovereign debt.
The deal depended on Greece agreeing to further deep austerity measures, which are expected to lead to more of the violent demonstrations and civil unrest that has marred the country in the last year.
Although the terms of the deal may be unpopular with some, the fact that those in solicitor jobs are being asked to play such a major part in important international affairs can only be good news for the legal sector as a whole.