Sovereign Defaults before International Courts and Tribunals

Sovereign Defaults before International Courts and Tribunals
Author: Michael Waibel
Publisher: Cambridge University Press
Total Pages: 429
Release: 2011-05-26
Genre: Law
ISBN: 1139496131

International law on sovereign defaults is underdeveloped because States have largely refrained from adjudicating disputes arising out of public debt. The looming new wave of sovereign defaults is likely to shift dispute resolution away from national courts to international tribunals and transform the current regime for restructuring sovereign debt. Michael Waibel assesses how international tribunals balance creditor claims and sovereign capacity to pay across time. The history of adjudicating sovereign defaults internationally over the last 150 years offers a rich repository of experience for future cases: US state defaults, quasi-receiverships in the Dominican Republic and Ottoman Empire, the Venezuela Preferential Case, the Soviet repudiation in 1917, the League of Nations, the World War Foreign Debt Commission, Germany's 30-year restructuring after 1918 and ICSID arbitration on Argentina's default in 2001. The remarkable continuity in international practice and jurisprudence suggests avenues for building durable institutions capable of resolving future sovereign defaults.

The Doctrine of Odious Debt in International Law

The Doctrine of Odious Debt in International Law
Author: Jeff King
Publisher: Cambridge University Press
Total Pages: 249
Release: 2016-05-26
Genre: Business & Economics
ISBN: 1107128013

This book outlines how odious debts are not legally binding under international or domestic law, contrary to widely held legal opinion.

Sovereign Debt Restructurings 1950-2010

Sovereign Debt Restructurings 1950-2010
Author: Mr.Udaibir S. Das
Publisher: International Monetary Fund
Total Pages: 128
Release: 2012-08-01
Genre: Business & Economics
ISBN: 1475505531

This paper provides a comprehensive survey of pertinent issues on sovereign debt restructurings, based on a newly constructed database. This is the first complete dataset of sovereign restructuring cases, covering the six decades from 1950–2010; it includes 186 debt exchanges with foreign banks and bondholders, and 447 bilateral debt agreements with the Paris Club. We present new stylized facts on the outcome and process of debt restructurings, including on the size of haircuts, creditor participation, and legal aspects. In addition, the paper summarizes the relevant empirical literature, analyzes recent restructuring episodes, and discusses ongoing debates on crisis resolution mechanisms, credit default swaps, and the role of collective action clauses.

Sovereign Debt Diplomacies

Sovereign Debt Diplomacies
Author: Pierre Penet
Publisher: Oxford University Press
Total Pages: 371
Release: 2021
Genre: Business & Economics
ISBN: 0198866356

This is an open access title available under the terms of a CC BY-NC-ND 4.0 International licence. It is free to read at Oxford Scholarship Online and offered as a free PDF download from OUP and selected open access locations. Sovereign Debt Diplomacies aims to revisit the meaning of sovereign debt in relation to colonial history and postcolonial developments. It offers three main contributions. The first contribution is historical. The volume historicises a research field that has so far focused primarily on the post-1980 years. A focus on colonial debt from the 19th century building of colonial empires to the decolonisation era in the 1960s-70s fills an important gap in recent debt historiographies. Economic historians have engaged with colonialism only reluctantly or en passant, giving credence to the idea that colonialism is not a development that deserves to be treated on its own. This has led to suboptimal developments in recent scholarship. The second contribution adds a 'law and society' dimension to studies of debt. The analytical payoff of the exercise is to capture the current developments and functional limits of debt contracting and adjudication in relation to the long-term political and sociological dynamics of sovereignty. Finally, Sovereign Debt Diplomacies imports insights from, and contributes to the body of research currently developed in the Humanities under the label 'colonial and postcolonial studies'. The emphasis on 'history from below' and focus on 'subaltern agency' usefully complement the traditional elite-perspective on financial imperialism favoured by the British school of empire history.

International Dispute Settlement

International Dispute Settlement
Author: J. G. Merrills
Publisher: Cambridge University Press
Total Pages: 387
Release: 2011-03-17
Genre: Law
ISBN: 1139500120

A guide to the techniques and institutions used to solve international disputes, how they work and when they are used. This textbook looks at diplomatic (negotiation, mediation, inquiry and conciliation) and legal methods (arbitration, judicial settlement). It uses many, often topical, examples of each method in practice to place the theory of how things should work in the context of real-life situations and to help the reader understand the strengths and weaknesses of different methods when they are used. It also looks at organisations such as the International Court and the United Nations and has been fully updated to include the most recent arbitrations, developments in the WTO and the International Tribunal for the Law of the Sea, as well as case law from the International Court of Justice.

Re-Imagining Sovereign Debt in International Law through the lens of Socio-Economic Rights

Re-Imagining Sovereign Debt in International Law through the lens of Socio-Economic Rights
Author: Muhammad Bello
Publisher: Pretoria University Law Press
Total Pages: 425
Release: 2024-07-22
Genre: Law
ISBN:

Re-imagining sovereign debt examines the extent to which sovereign debtors’ contractual obligations may be honoured where the socio-economic rights of their citizens face clear danger of non-realisation. It critiques the foundational legal paradigm that influences and shapes the substance of the sovereign debt regime. In doing this, the author employs legal theory to show the inadequacies of the regime in terms of its failure to embrace the dynamism of sovereign debt which he characterises as a debt with a complex mix of public-private elements, hybridity of norms and multiplicity of interests beyond the two-sided creditor-debtor matrix. By locating socio-economic rights in all critical phases of the regime, the author shows that the recurring circles of debt crises are linked to the continuing influence of the private law paradigm. The book offers a fresh perspective to re-imagine sovereign debt using insights from transnational legal theorists and advocates prioritising socio-economic rights considerations in debt contracting, restructuring and adjudication through a more concrete recognition of creditors’ responsibilities. Re-imagining sovereign debt will interest lawyers, policymakers, diplomats, scholars and researchers interested in the law, history and politics of sovereign debt.

Mediation in International Commercial and Investment Disputes

Mediation in International Commercial and Investment Disputes
Author: Catharine Titi
Publisher: Oxford University Press, USA
Total Pages: 417
Release: 2019
Genre: Law
ISBN: 0198827954

Until now, the resolution of international commercial and investment disputes has been dominated almost exclusively by international arbitration. But that is changing. Whilst they may be complementary mechanisms, international mediation and conciliation are now coming to the fore. Mediation rules that were in disuse gather momentum, and dispute settlement centres are introducing new mediation rules. The European Union is encouraging international mediation in both the commercial and investment spheres. The 2019 Singapore Mediation Convention of the United Nations Commission on International Trade Law (UNCITRAL) is aiming to ensure enforcement of international commercial settlement agreements resulting from mediation. The first investor-State disputes are mediated under the International Bar Association (IBA) rules. The International Centre for Settlement of Investment Disputes (ICSID)'s conciliation mechanism is resorted to more often than in the past. The International Chamber of Commerce (ICC) has recently administered its first mediation case based on a bilateral investment treaty, and a new training market on mediation is flourishing. Mediation in Commercial and Investment Disputes brings together a line-up of outstanding, highly-qualified experts from academia, mediation and arbitration institutions, and international legal practice, to address this highly topical, complex subject from a variety of angles.

Structuring and Restructuring Sovereign Debt

Structuring and Restructuring Sovereign Debt
Author: Mr. Patrick Bolton
Publisher: International Monetary Fund
Total Pages: 30
Release: 2007-08-01
Genre: Business & Economics
ISBN: 1451912099

In an environment characterized by weak contractual enforcement, sovereign lenders can enhance the likelihood of repayment by making their claims more difficult to restructure ex post. We show however, that competition for repayment among lenders may result in a sovereign debt that is excessively difficult to restructure in equilibrium. This inefficiency may be alleviated by a suitably designed bankruptcy regime that facilitates debt restructuring.