In the 1980s, Cleary Gottlieb Steen & Hamilton partner Lee Buchheit was called upon repeatedly by Latin American governments to advise on restructuring sovereign debt. The series of defaults or near-defaults by Mexico, Argentina and Chile, among others, threatened to overwhelm the U.S. financial system. Buchheit either led or was part of Cleary teams tapped to negotiate restructuring agreements with U.S. banks and bondholders.

Today the sovereign debt crisis leading the news is in Greece — and European Union member countries fear that a Greek default could trigger a crisis across the entire Eurozone. On Tuesday, the Greek Parliament is set to vote on the next round of austerity measures.

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