Sovereign DebtSymposium

Sovereign Debt Restructuring – In the Machine Room of Legal Engineering

The authors and editors of the special issue on sovereign debt restructuring are highly grateful to the contributors to this symposium on sovereign debt for their thought-provoking contributions. As I have highlighted in my initial post, this special issue is as much about improving the current practice of sovereign debt restructuring as it is about legal engineering – in this case, about instigating incremental progressive development in a crucial policy …

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Sovereign DebtSymposium

Inter-Creditor Equity in Corporate and Sovereign Debt Restructuring

Broadly defined, inter-creditor equity represents a normative evaluation of the treatment a debtor accords to a certain creditor (or group of creditors) vis a vis the treatment that the debtor’s other creditors have received.  In the context of domestic insolvency laws, this evaluation is made possible (and enforceable) through detailed priority structures designed to favor certain creditor groups over other.  When the debtor is sovereign, however, creditor priorities are only …

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Sovereign DebtSymposium

Sovereign debt and international law

Or on the intricacies of theory and practice

Events of historic proportions often feel anti-climactic. In March 2012, Greece, a developed capitalist state and a member of the Eurozone, engaged in the biggest debt restructuring venture to date, covering 200 billion euros (260 billion USD) and reducing the private debt burden by over 50%. The exchange was not purely voluntary, since the majority of bonds were subjected to Greek law and an amendment made the offer compulsory for …

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Sovereign DebtSymposium

Setting the Scope of and the Limits to the Incremental Approach to Sovereign Debt Restructurings

Anyone interested in legal issues surrounding sovereign debt should pay careful attention to the last special edition of the Yale Journal of International Law in which a framework is set forth to ensure the progressive development of orderly sovereign debt restructurings (SDRs). This prospective agenda relies upon a principles-based approach to SDR that revolves around various soft-law instruments, such as UNCTAD Principles on Promoting Responsible Sovereign Lending and Borrowing, as …

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Sovereign DebtSymposium

Constant Dripping Wears Away the Stone… Including Sovereign Debt

On Incrementalism as a Regulatory Approach for the New Sovereigntist Age

The sovereign debt crises in the Eurozone, in Argentina, or in Ukraine have highlighted that the current international legal regime on sovereign debt is ill equipped to resolve the bankruptcy of nation states. Yet, when it comes to possible reforms, policy-makers and experts have been divided over two opposing solutions: A contractual one, which favors contractual clauses enabling a majority of the creditors of a sovereign bond to restructure it, …

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Alternative Dispute ResolutionDiscussionResponseSymposium

Investor-state arbitration: rationale and legitimacy

A reply to Christian Tietje Attempts to conceptualize the foundations of and crucial questions around investment arbitration are most welcome, as the field gains not only public attention, but also increasing importance for investors as well as receivers. Christian Tietje, claiming in the title that investor-state arbitration is a part of the international rule of law and, therefore, a mechanism for upholding it, touches on what may surely be called …

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Alternative Dispute ResolutionDiscussionKick-offSymposium

Investor-State Arbitration as Part of the International Rule of Law

Investor-state arbitration is not only the most heated topic discussed in international economic law, but it also has become an important political issue more generally. Indeed, it is amazing to see how a topic that, some years ago, interested only a handful of international economic lawyers and very few academics has emerged today as an issue on which everybody has an opinion. Moreover, there seems to be only one direction …

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Megaregionals and the OthersSymposium

Megaregionals and the Others — A Rejoinder

We thank the Völkerrechtsblog for hosting this symposium and are immensely grateful to Abhimanyu George Jain and Azwi Langalanga for offering their insightful views. We take this opportunity to reply to both posts and to reflect on some further themes coming out of the ICON-S 2016 panels that dealt with the megaregionals. The discussions around TTIP and TPP often focus on the agreements purported domestic effects and neglect the megaregionals’ …

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Megaregionals and the OthersSymposium

Africa’s Absence in the Megaregionals

Something to worry about or much ado about nothing?

Global international economic relations have been constantly evolving since the 1994 institutionalization of the GATT. The majority of African countries signed into the World Trade Organization in 1994, whether because of a desire to join the multilateral trading system, or as a condition of loans from the IMF and World Bank during the heyday of the Washington Consensus.  The multilateral trading system has been quite efficient in mitigating the hitherto …

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Megaregionals and the OthersSymposium

An Indian perspective on megaregionals and concomitant trends

I am grateful for the opportunity to participate in this symposium and would like to congratulate the MegaReg team on their efforts to draw attention to a fascinating series of developments in international law, and the authors of the working papers on providing thoughtful commentaries to form the basis of these analyses. In their papers, Professors Eyal Benvenisti and Richard B. Stewart draw out some common themes relating to the …

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