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Submitted in partial fulfillment of the degree of Master of International Business at the Fletcher School of Law and Diplomacy. This paper designs a GDP-linked warrant for Greek debt restructuring with an examination of the Argentine experience. It discusses the benefits of GDP warrants for sovereign issuers and investors. It also develops a Black model pricing exercise to calculate the expected ... read morenet present value of such a warrant, modified after the Argentine warrant. The final inclusion of similar GDP warrants in Greece_�_s PSI suggests that financial innovation, such as GDP warrants, is conducive to sovereign debt restructuring process and might mitigate output shocks. This shows a wider adoption of GDP warrants is possible, particularly can be favorable for indebted countries.read less
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