the rescue of States in a financial crises has been classically managed by way of official lending, mainly managed by the IMF, where international law played the major role. In most recent cases, to the contrary, this has mainly become a private law issue: since debtors, including sovereign, undertake exposure on a contractual basis, repayment or negotiation of the debt is governed by such same contract. These present a number of pitfalls and shortcomings which have been tried to be solved by a number of solutions. Each of them, however, not only is not fully satisfactory, but cannot take into account all interests at stake. To this end, a number of projects have been elaborated, to regulate the matter at the international level. The present work comments and elaborate on each of the described mechanisms.
sovereign insolvency and international legal order
MALAGUTI, Maria Chiara
2009-01-01
Abstract
the rescue of States in a financial crises has been classically managed by way of official lending, mainly managed by the IMF, where international law played the major role. In most recent cases, to the contrary, this has mainly become a private law issue: since debtors, including sovereign, undertake exposure on a contractual basis, repayment or negotiation of the debt is governed by such same contract. These present a number of pitfalls and shortcomings which have been tried to be solved by a number of solutions. Each of them, however, not only is not fully satisfactory, but cannot take into account all interests at stake. To this end, a number of projects have been elaborated, to regulate the matter at the international level. The present work comments and elaborate on each of the described mechanisms.I documenti in IRIS sono protetti da copyright e tutti i diritti sono riservati, salvo diversa indicazione.
