Euro secession and bondholders
: in which currency will they get paid?

  • Isabel Carneiro (Student)

Student thesis: Master's Thesis


In the hypothetical scenario of secession from the Eurozone, this dissertation explores the legal implications of the new national monetary regime for investors in Eurodenominated debt securities.
Different withdrawal scenarios are considered in light of the European Union legal framework. Rome I and Brussels I Regulations are looked at from the perspective of the conflict of law solutions they offer regarding the effectiveness of choice of law and jurisdiction agreements when confronted with mandatory redenomination rules imposed by an exiting State. Furthermore, monetary law principles are presented as key tools for an assessment of the legal protection conferred to investors in Euro-denominated bonds, as regards their expectations to be paid in Euros, rather than in the new national This dissertation also includes a brief review of the monetary legal principle of nominalism from an economic theory perspective.
Date of Award2014
Original languageEnglish
Awarding Institution
  • Universidade Católica Portuguesa
SupervisorFrancisco Barona (Supervisor)


  • Mestrado em Direito e Gestão

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