Current Developments

‘Vetoing’ the admission of a third state in international organizations

Lessons learned from the Greece-fYROM case

On the 17th June, ‘the former Yugoslav Republic of Macedonia’ (hereinafter: ‘fYROM’) and Greece signed an Agreement to resolve their 27-year-long dispute over the former’s name. Most importantly, fYROM committed to change its constitutional name from ‘Republic of Macedonia’ to ‘Republic of North Macedonia’ for both domestic and international purposes. The bizarre dispute (and the Agreement itself) has raised interesting legal questions, serving as the most prominent case of an inter-state battle over …

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Current Developments

Cheating Chile

The (il)legality of information and the World Bank’s “Doing Business” ranking

A rare mea culpa emanated from the leading international development institution, the World Bank, last week. The Bank’s Chief Economist, Paul Romer, told the Wall Street Journal: “I want to make a personal apology to Chile, and to any other country where we conveyed the wrong impression.” Romer, who took his post in late 2016, said he had found “irregularities” in the World Bank’s flagship publication, the “Doing Business” ranking. …

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DiscussionResponse

Who may see the Acropolis? Global patterns of inequality and the right to tourism

In her contribution on the newly created right to tourism, Sabrina Tremblay-Huet convincingly states, that the social and economic phenomenon of tourism has been widely disregarded by the social sciences, law and philosophy due to the focus of the academia on migration. However, there are many reasons to highlight the growing relevance of tourism in world society: First, the tourist sector generates by now 10 percent of the world’s GDP. …

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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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Strengthening the Legal Framework of the OSCESymposium

OSCE: Do we really need an international legal personality and why?

As part of this symposium, the Völkerrechtsblog has published excellent contributions of Christian Tomuschat, Cedric Ryngaert and Isabelle Ley. All the three distinguished authors have looked at the multifaceted problem of legal formalization of the OSCE from various angles andhave provided rather helpful reflections on the current state of affairs. This contribution deals with the issue in a broader political context.

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Strengthening the Legal Framework of the OSCESymposium

Legal personality for the OSCE?

Some observations at the occasion of the recent conference on the legal status of the OSCE

Should the OSCE finally be endowed with legal personality? I have a hard time positioning myself in the debate. Obviously, I understand the argument – brought forward at the conference on the legal framework of the OSCE mostly by practitioners working at the organization, but also by Niels Blokker (see the introductory post), – that legal personality would make work at the organization much easier. It is quite apparent that …

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