Troubleshooting OTC Euro Transactions

Law360, New York (May 4, 2012, 11:17 AM EDT) -- Recent events in Europe have raised interesting hypothetical questions concerning over-the-counter derivatives that exchange payments in euros (“OTC euro transactions”): What would happen if the euro collapsed, or if one or more countries exited the European economic and monetary union (the “Eurozone”)?

The threat of a Eurozone breakup reached an apex as tensions mounted over Greece’s precarious economic status. Although an agreement was reached in late February between the Greek government and Eurozone finance ministers[1], and fears have greatly eased, there is continued concern over financial...
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