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The governments’ man when creditors bay

NEW YORK (Reuters) – If any other European countries were to follow Greece into a debt default, Athens can recommend a lawyer.

Lee Buchheit crafted the restructuring deal that cut Greek debt by 100 billion euros and inflicted huge losses on bondholders in March.

Over the last 30 years, presidents and finance ministers have turned to Buchheit, 61, more than any other lawyer to help call off creditors when their governments run out of money.

His clients love him because he can help wipe away billions of dollars of debt. His legal opponents – bond investors, some of them so-called vulture funds – hate him for the same reason.

In addition to Greece, the folders stacked on the walls, desks and window sills of Buchheit’s modest corner office in lower Manhattan speak of other tough cases, such as those won for Iraq and Iceland.

Often, countries that turn to the dapper Buchheit have run short of money because governments stick with bad decisions for a long time, with disastrous results.

Buchheit wouldn’t want to change sides.

    • About Daniel

      "I'm a New York-based global investment correspondent with nearly 20 years of experience covering financial markets, business and foreign policy. My current post lets me roam across all asset classes and geography, from the developed to the emerging markets. I've reported and taught business and economic journalism from Asia, Europe, Latin America and the United States. Prior to joining Reuters I was a producer at CNN Business News in New York."
      Joined Reuters:
      1997
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