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A Debt Restructuring Mechanism For Sovereigns

Author: Christoph G. Paulus
Publisher: Bloomsbury Publishing
ISBN: 1849468206
Size: 29.97 MB
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The Eurozone crisis which started in spring 2010 as a Greek budget crisis has alerted Europeans that the issue of defaulting sovereigns is not one reserved just for the poor and poorest countries on this globe. The crisis painfully amplified that developed countries, too, might be hit by this phenomenon. To be sure, this insight is far from novel - the history of defaulting states reaches back into history for at least two millennia. And yet, lawyers have surprisingly abstained more or less completely from discussing this subject and developing possible solutions. Beginning with the Argentina crisis in 2001, this neglect began to vanish to a certain degree and this movement got some momentum in 2010 by the Eurozone crisis. The present book collects contributions from authors most of whom have participated in a conference on this issue in January 2012 at the Humboldt-Universität zu Berlin. The presentations, thus, provide a unique overview of the present discussion both from an economic and legal perspective.

The Resolution Of Sovereign Debt Crises

Author: Jeannette Abel
Publisher: Nomos Verlag
ISBN: 3845290226
Size: 61.71 MB
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Die Insolvenz von Staaten ist keineswegs ein seltenes oder neues Phänomen. Dennoch herrscht weiterhin die Maxime vor: "Staaten gehen nicht pleite". Bisher gibt es deshalb auch kein geregeltes Insolvenzverfahren für Staaten, obwohl es an Vorschlägen für ein derartiges Verfahren auf internationaler Ebene nicht mangelt. Das vorliegende Werk setzt sich mit den derzeitigen Lösungsmechanismen für Staatsschuldenkrisen kritisch auseinander und zeigt Möglichkeiten für den künftigen Umgang mit derartigen Krisen auf. Ein besonderer Fokus liegt hierbei auf bisherigen Lösungsansätzen auf europäischer Ebene: den Hilfspaketen für Griechenland, dem EFSM, dem EFSF und dem ESM. Diese werden auf ihre Zweckmäßigkeit geprüft sowie daraufhin untersucht, ob sie insolvenzrechtliche Elemente enthalten. Letztlich wird ein mögliches Insolvenzverfahren für Staaten auf EU Ebene und dessen Umsetzungsmöglichkeiten erörtert.

The Legal Framework Of Sovereign Debt Management

Author: Charlotte Julie Rault
Publisher: Nomos Verlag
ISBN: 3845284765
Size: 18.29 MB
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Internationale Finanzkrisen erweisen sich als nicht seltene und zeitlich unbegrenzte Ereignisse. Jeder Finanzkrise in der Historie haften die gleichen klassischen Charakteristiken an: die Beschädigung makroökonomischer Indikatoren, der Psychologie sowie die Panik der Investoren, Spekulationen. Das Ziel dieser Arbeit besteht darin, die Entwicklung des Rechtsrahmens der Verwaltung souveräner Schulden zu analysieren, um die bevorzugten normativen Entscheidungen jedes Akteurs zu verstehen, zu bewerten und im Anschluss entsprechend Handlungsanweisungen zu geben. Angesichts der gegenwärtigen normativen Unsicherheit, ist es von größter Bedeutung die Auseinandersetzung mit finanziellen Krisen, die entsprechenden Reformvorschläge, die Suche nach Systemverbesserungen hinsichtlich einer Marktregulierung und die Rolle der multilateralen Institutionen bezüglich der Verwaltung souveräner Schulden zu untersuchen. Nach der Feststellung des Vorliegens einer internationalen Verpflichtung zum Staatsschuldenmanagement wird die Einführung normativer Werkzeuge befürwortet, um nationale Vorschriften auf Grundlage bereits bestehender Modelle zu integrieren.

Sovereign Financing And International Law

Author: Carlos Espósito
Publisher: OUP Oxford
ISBN: 0191656100
Size: 79.81 MB
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The regulation of sovereign financing is a highly topical and significant issue, in the light of continuing global financial turmoil. This book assesses the role of international law in sovereign financing, addressing this issue from both legal and economic standpoints. It takes as a starting point the recent report 'Principles on Responsible Sovereign Lending and Borrowing' by the United Nations Conference on Trade and Development (UNCTAD). This report was endorsed by the United Nations General Assembly in its December 2011 Resolution on Debt, which emphasized the need for creditors and debtors to share responsibility for preventing unsustainable debt situations and encouraged all stakeholders to pursue the ongoing discussions within the framework of the UNCTAD Initiative. Investigating the legal and economic basis for the principles which were articulated in the report, the book develops a detailed and nuanced analysis of the controversial and complex issues they raise, including those concerning finance and credit rating agencies, contingent liabilities, debt management, corruption, fiduciary relations and duties, Collective Action Clauses, and the role of the EU and UN. Ultimately, it argues that the principles elaborated in the report correspond with general principles of international law, which provide a strong, pre-existing foundation upon which to build responsible principles for sovereign financing.

Toward A Statutory Approach To Sovereign Debt Restructuring

Author: Mr. Patrick Bolton
Publisher: International Monetary Fund
ISBN: 1451891113
Size: 74.85 MB
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This paper provides an overview of key elements of Corporate Bankruptcy Codes and Practice around the world that are relevant to the debate on Sovereign Debt Restructuring. It highlights four components common to most bankruptcy reorganization institutions: a stay on debt collection efforts to prevent a costly run for the assets, broad enforcement of absolute priority, majority voting among creditors on the proposed reorganization plan, and new higher priority financing to keep the firm going while its liabilities are restructured. The paper argues that these components ought to be present in any sovereign debt restructuring procedure.

Sovereign Debt

Author: Robert W. Kolb
Publisher: John Wiley & Sons
ISBN: 9781118017555
Size: 72.47 MB
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An intelligent analysis of the dangers, opportunities, and consequences of global sovereign debt Sovereign debt is growing internationally at a terrifying rate, as nations seek to prop up their collapsing economies. One only needs to look at the sovereign risk pressures faced by Greece, Spain, and Ireland to get an idea of how big this problem has become. Understanding this dilemma is now more important than ever, that's why Robert Kolb has compiled Sovereign Debt. With this book as your guide, you'll gain a better perspective on the essential issues surrounding sovereign debt and default through discussions of national defaults, systemic risk, associated costs, and much more. Historical studies are also included to provide a realistic framework of reference. Contains up-to-date research and analysis on sovereign debt from today's leading practitioners and academics Details the dangers of defaults and their associated systemic risks Explores the past, present, and future of sovereign debt The repercussions of a national default are all-encompassing as global markets are intricately interwoven in the modern world. Sovereign Debt examines what it will take to overcome the challenges of this market and how you can deal with the uncertainty surrounding it.

Bankruptcy Procedures For Sovereigns A History Of Ideas 1976 2001

Author: Kenneth Rogoff
Publisher: International Monetary Fund
ISBN:
Size: 38.32 MB
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This paper describes the evolution of ideas to apply bankruptcy reorganization principles to sovereign debt crises. Our focus is on policy proposals between the late 1970s and Anne Krueger's (2001) proposed "Sovereign Debt-Restructuring Mechanism," with brief reference to the economics literature on sovereign debt. We describe the perceived inefficiencies that motivate proposals, and how proposals seek to change debtor and creditor incentives. We find that there has been a moving concensus on what constitutes the underlying problem, but not on how to fix it. The range of proposed approaches remains broad and only recently shows some signs of narrowing.

Public Policy In International Economic Law

Author: Diane Desierto
Publisher: OUP Oxford
ISBN: 0191026484
Size: 45.43 MB
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States reject inequality when they choose to ratify the International Covenant on Economic, Social and Cultural Rights (ICESCR), but to date the ICESCR has not yet figured prominently in the policy calculus behind States' international economic decisions. This book responds to the modern challenge of operationalizing the ICESCR, particularly in the context of States' decisions within international trade, finance, and investment. Differentiating between public policy mechanisms and institutional functional mandates in the international trade, finance, and investment systems, this book shows legal and policy gateways for States to feasibly translate their fundamental duties to respect, protect, and fulfil economic, social and cultural rights into their trade, finance, and investment commitments, agreements, and contracts. It approaches the problem of harmonizing social protection objectives under the ICESCR with a State's international economic treaty obligations, from the designing and interpreting international treaty texts, up to the institutional monitoring and empirical analysis of ICESCR compliance. In examining public policy options, the book takes into account around five decades of States' implementation of social protection commitments under the ICESCR; its normative evolution through the UN Committee on Economic, Social and Cultural Rights, and the Committee's expanded fact-finding and adjudicative competences under the Optional Protocol to the ICESCR; as well as the critical, dialectical, and deliberative roles of diverse functional interpretive communities within international trade, finance, and investment law. Ultimately, the book shoes how States' ICESCR commitments operate as the normative foundation of their trade, finance, and investment decisions.

Early Ideas On Sovereign Bankruptcy Reorganization A Survey

Author: Kenneth Rogoff
Publisher: International Monetary Fund
ISBN:
Size: 78.36 MB
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This paper surveys early intellectual antecedents of the Krueger (2001) proposal for creating bankruptcy reorganization procedures at the international level. We focus on actual proposals for new procedures made from the late 1970s up to an influential lecture by Sachs (1995), with brief reference to the formal economics literature on sovereign debt. Beginning with a paper by Oechsli (1981), several key contributions are made during this period, including the analogy with domestic bankruptcy procedures, an understanding of the inefficiencies in international lending that might justify such procedures, and specific institutional and legal suggestions that continue to play a role in the current debate.