Cleary Gottlieb, Allen & Overy and White & Case Help Greece Get Bailout Deal

02/22/12

Cleary Gottlieb, Allen & Overy and White & Case Help Greece Get Bailout Deal

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The $171.9 billion rescue package that Greece got from the European Central Bank on Tuesday was made possible in part by the efforts of three law firms - Cleary Gottlieb Steen & Hamilton, Allen & Overy, and White & Case.

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White & Case and Allen & Overy were tapped last year to represent the steering committee of the private creditors who held Greek government bonds. A Greek law firm - Koutalidis Law Firm , advised the committee on Greek law. Cleary Gottlieb worked as advisor to the Greek government.

The three firms played an important part in sealing the deal that will see Greece's private creditors take a haircut of 53.5% on the face value of their bonds. The bailout package and debt resettlement deal comes with several conditions for Greece, which have been received with both support and protests within the country.