Sovereign debt: genesis - restructuring - litigation
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| Format: | Buch |
| Sprache: | English |
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2015
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| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | XXI, 604 S. |
| ISBN: | 3319084631 9783319084633 |
Internformat
MARC
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Contents
Part I Sovereign Indebtedness
1
Introduction
. 3
1.1
Sovereign Debt and Sustainability
. 3
1.2
Sovereign Debt and International Financial Law
. 4
1.3
The Structure of the Work
. 6
References
. 8
2
A Historical Outline of Sovereign Indebtedness
. 9
2.1
Preliminary Remarks
. 9
2.2
Diplomatic Protection and Intervention in Financial Matters
. 14
2.2.1
The Role of the National State of the Lenders
. 15
2.2.2
The System of International Financial Controls
. 18
2.2.3
The Use of Force and the Drago-Porter Convention
. . . 25
2.3
War Debts: The Settlement of the German Debt
. 27
2.4
Sovereign Debt and Financial Crises
. 30
2.4.1
The Latin American Countries Crisis
. 31
2.4.2
The Least Developed Countries Crisis
. 32
2.4.3
The Emerging Countries Crisis
. 33
2.4.4
The Russian Crisis
. 35
2.4.5
The Argentine Crisis
. 36
2.4.6
The Global Financial Crisis
. 37
References
. 46
Part II Genesis
3
General Problems
. 55
3.1
Preliminary Remarks
. 55
3.2
The Capacity of the Debtor to Borrow
. 55
3.2.1
Territorial Entities with Limited Personality
. 56
3.2.2
Questionable Governments
. 61
vii
viii Contents
3.3
The Legal Nature of Loans
. 63
3.3.1
Loans with Public Lenders
. 63
3.3.2
Loans with Private Lenders
. 65
3.4
Guaranteed and Secured Loans
. 68
3.4.1
Guaranteed Loans
. 68
3.4.2
Secured Loans
. 71
3.5
The Right to Development
. 74
3.5.1
Development Cooperation
. 76
3.5.2
Development Assistance
. 78
3.6
Responsible Financing
. 83
3.7
Human Rights and Sovereign Debt
. 87
References
. 89
4
Bilateral Debt
. 91
4.1
Preliminary Remarks
. 97
4.2
Treaties and Contracts
. 98
4.2.1
An Alternative Approach: The
Grundlegung. 101
4.3
The Governing Law
. 103
4.3.1
The Law Applicable to the Agreement as a Treaty
. 103
4.3.2
The Law Applicable to the Agreement
as a Contract
. 105
4.4
The Legal Framework of Loan Agreements as Treaties
. 107
4.4.1
The Internal Limits to Financial Agreements
. 109
References
. 116
5
Multilateral Debt
. 123
5.1
Preliminary Remarks
. 123
5.1.1
The Legal Framework of Loan Agreements
. 123
5.2
The International Monetary Fund
. 125
5.2.1
Resources
. 126
5.2.2
Financial Facilities
. 127
5.2.3
Conditionality
. 130
5.2.4
The Legal Value of Letters of Intent
. 133
5.3
The World Bank
. 135
5.3.1
The International Bank for Reconstruction and
Development
. 135
5.3.2
The International Development Association
. 144
5.4
The Bank for International Settlements
. 146
5.5
The Regional Development Banks
. 147
5.5.1
The European Context
. 147
5.5.2
The Inter-American Development Bank
. 152
5.5.3
The African Development Bank
. 154
5.5.4
The Asian Development Bank
. 156
References
. 158
Contents
їх
6
Syndicated Debt
. 165
6.1
Preliminary Remarks
. 165
6.2
Types of Loan Syndicates
. 166
6.3
Participation Syndicates
. 166
6.4
Direct Syndicates
. 168
6.4.1
The Lead Manager
. 169
6.4.2
The Role of the Agent Bank
. 174
6.4.3
The Terms of the Loan Agreement
. 177
6.4.4
The Relationship Between Syndicate Members
. 182
6.4.5
Regulatory Aspects
. 185
6.4.6
The Applicable Law
. 188
References
. 198
7
Bonded Debt
. 205
7.1
Preliminary Remarks
. 205
7.2
The Formation of the Syndicate and the Issue Process
. 207
7.3
The Issue Documents
. 210
7.3.1
The Subscription Agreement
. 210
7.3.2
The Agreement Between Managers
. 211
7.3.3
The Selling Agreement
. 212
7.4
Regulatory Aspects
. 213
7.5
The Terms of the Loan
. 216
7.5.1
Monetary Terms
. 216
7.5.2
Non-monetary Terms
. 218
7.6
Bondholders Protection
. 220
7.6.1
Trustee
. 220
7.6.2
Fiscal Agent
. 224
7.7
The Applicable Law
. 225
7.7.1
The Law Applicable to the Loan
. 225
7.7.2
The Law Applicable to the Relationship Between Issuer
and Bondholders
. 228
7.7.3
The Law Applicable to the Trust
. 230
References
. 233
Part III Restructuring
8
General Problems
. 239
8.1
Preliminary Remarks
. 239
8.2
Default and Credit Events
. 240
8.2.1
The Consequences of a Default
. 242
8.3
Restructuring Process and Legal Obligations
. 247
8.3.1
The Obligation to Restructure
. 248
8.3.2
The Obligation to Negotiate
. 249
8.4
The Principles of Restructuring
. 252
8.4.1
The Issue of Economic Capacity
. 252
x
Contents
8.5
The Methods of Restructuring
. 255
8.5.1
Debt Conversions
. 256
8.6
Restructuring and Policy
. 267
References
. 269
9
Bilateral Debt
. 277
9.1
Preliminary Remarks
. 277
9.2
Multilateral Restructurings Outside the Paris Club
. 278
9.3
The Origins of the Paris Club: The Hague Club
. 279
9.4
The Birth of the Paris Club and Its First Operations
. 280
9.5
The Juridical Nature of the Paris Club
. 282
9.6
The Procedural Rules
. 285
9.7
The Substantive Principles
. 287
9.8
The Agreed Minutes and Their Legal Value
. 291
9.9
The Constant Clauses
. 293
9.10
The Variable Clauses
. 295
9.10.1
The Classic Terms
. 296
9.10.2
The Terms for the Poorest Countries
. 298
9.10.3
The HIPC Initiative
. 301
9.10.4
The Lower-Middle Income Countries
. 303
9.11
The Conclusion of Bilateral Agreements
. 304
References
. 307
10
Multilateral Debt
. 311
10.1
Preliminary Remarks
. 311
10.2
The International Monetary Fund
. 313
10.2.1
Sanctions
. 313
10.2.2
Precautionary and Cooperative Measures
. 315
10.3
The International Bank for Reconstruction and Development
. 316
10.3.1
Cooperative Measures
. 316
10.3.2
Safeguarding Measures
. 318
10.3.3
The International Development Association
. 320
10.4
Other Multilateral Financial Institutions
. 321
10.4.1
The Bank for International Settlements
. 321
10.4.2
The European Banks
. 321
10.4.3
Other Regional Development Banks
. 322
References
. 323
j
11
Syndicated Debt
. 325
11.1
Preliminary Remarks
. 325
11.2
The Default
. 326
11.3
The Negotiation Process
. 329
11.3.1
~ The London Club
. 331
}
11.4
The Fundamental Elements of Restructuring
. 332
11.4.1
The Terms of the Restructuring Agreement
. 335
?
Contents
xi
11.5
The Relationship Between Creditors
. 338
11.6
The Sale of Credits and The Restructuring Process
. 340
11.7
The Baker Initiative and the Brady Initiative
. 343
References
. 345
12
Bonded Debt
. 351
12.1
Preliminary Remarks
. 351
12.2
The Role of the Trustee
. 352
12.3
The Amending Process
. 354
12.3.1
The English Style
. 354
12.3.2
The US Style
. 355
12.3.3
Collective Action Clauses
. 357
12.4
The Negotiating Committees
. 360
12.4.1
Private Committees
. 361
12.4.2
Quasi-Official Bodies
. 362
12.4.3
The Current Situation
. 366
12.5
Restructuring Techniques
. 368
12.5.1
The Cooperative Method: The Greek Workout
. 368
12.5.2
The Induced Method: Exit Consent
. 371
12.5.3
The Unilateral Method: The Argentine Case
. 373
12.6
The Bond Exchange and the Restructuring Agreement
. 376
12.7
Diplomatic Intervention: The Restructuring of the
Czarist Debt
. 379
References
. 382
Part IV Litigation
13
General Problems
. 389
13.1
Preliminary Remarks
. 389
13.2
Procedural Defences
. 390
13.2.1
Sovereign Immunity
. 391
13.2.2
The Act of State Doctrine
. 418
13.2.3
The Comity Doctrine
. 424
13.2.4
Forum
Non Conveniens
. 426
13.3
Substantive Defences
. 430
13.3.1
Necessity
. 431
13.3.2
Force
Majeure
. 437
13.3.3
Unjustified Enrichment
. 440
13.3.4
Inequality of Obligations
. 442
13.3.5
Estoppel
. 444
13.3.6
Abuse of Rights
. 447
13.3.7
Corruption
. 448
13.3.8
Exchange Control
. 451
13.3.9
The Odious Debt Doctrine
. 454
13.3.10
Peremptory Norms
. 459
References
. 461
xii Contents
14 Bilateral
Debt
. 473
14.1
Preliminary Remarks
. 473
14.2
The Forum
. 473
14.3
The Case Law
. 478
14.3.1
Costa Rica and Italy
. 478
14.3.2
Grenada and China
. 479
References
. 480
15
Multilateral Debt
. 483
15.1
Preliminary Remarks
. 483
15.2
Arbitral Clauses
. 483
15.3
The Validity of the Agreement
. 486
References
. 487
16
Syndicated Debt
. 489
16.1
Preliminary Remarks
. 489
16.2
Waiver of*Immunity and Jurisdiction
. 490
16.3
Forum Selection Clauses
. 492
16.3.1
The United States
. 493
16.3.2
England
. 496
16.3.3
The Hague Convention on Choice of Court
Agreements
. 499
16.4
The Absence of a Forum Selection Clause
. 501
16.4.1
The United States
. 502
16.4.2
England
. 503
16.5
Arbitral Clauses
. 504
16.6
The Right to Sue
. 506
16.7
The Relationship with the Restructuring Process
. 507
16.8
The Vulture Funds
. 508
16.8.1
Champerty
. 510
16.8.2 Pari
Passu
. 514
16.9
Set-Off
. 516
References
. 520
17
Bonded Debt
. 523
17.1
Preliminary Remarks
. 523
17.2
Jurisdiction
. 523
17.3
The Trustee and the Right to Sue
. 525
17.4
The Class Action
. 528
17.5
The Relationship with the Restructuring Process
. 530
17.5.1
The
Pari
Passu Clause
. 532
17.6
Bonds and Arbitration
. 535
17.6.1
The ICSID Arbitration
. 537
17.6.2
The Arbitration on the Argentine Bonds
. 544
17.7
Diplomatic Intervention
. 552
17.7.1
The Serbian and Brazilian Loans Cases
. 552
Contents
Х1И
17.7.2
The Norwegian Loans Case
. 554
17.7.3
The Young Loan Arbitration
. 555
References
. 557
Part V The Way Forward
18
Evolving Scenarios
. 563
18.1
Preliminary Remarks
. 563
18.2
Towards an International Restructuring Forum
. 564
18.2.1
A Substantive Model
. 565
18.3
The IMF Proposals
. 569
18.3.1
The Krueger Proposal
. 570
18.3.2
The Statutory Approach
. 571
18.3.3
The Contractual Approach
. 574
18.4
Subsequent Proposals
. 575
18.4.1
The IIF and
UNCTAD
Proposals
. 577
18.5
The Lender of Last Resort
. 579
18.5.1
The Idea of Lender of Last Resort
. 579
18.5.2
The IMF as International Lender of Last Resort
. 581
18.5.3
The European Picture
. 582
References
. 599
19
Conclusion
. 603
Reference
. 604 |
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| id | DE-604.BV041996536 |
| illustrated | Not Illustrated |
| indexdate | 2025-04-15T12:19:05Z |
| institution | BVB |
| isbn | 3319084631 9783319084633 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-027438666 |
| oclc_num | 904817790 |
| open_access_boolean | |
| owner | DE-M382 DE-384 DE-188 |
| owner_facet | DE-M382 DE-384 DE-188 |
| physical | XXI, 604 S. |
| publishDate | 2015 |
| publishDateSearch | 2015 |
| publishDateSort | 2015 |
| publisher | Springer |
| record_format | marc |
| spelling | Megliani, Mauro Verfasser (DE-588)1065012543 aut Sovereign debt genesis - restructuring - litigation Mauro Megliani Cham [u.a.] Springer 2015 XXI, 604 S. txt rdacontent n rdamedia nc rdacarrier Internationales Finanzrecht (DE-588)4162091-4 gnd rswk-swf Auslandsschulden (DE-588)4003783-6 gnd rswk-swf Öffentliche Schulden (DE-588)4043153-8 gnd rswk-swf Öffentliche Schulden (DE-588)4043153-8 s Auslandsschulden (DE-588)4003783-6 s Internationales Finanzrecht (DE-588)4162091-4 s DE-604 Digitalisierung UB Augsburg - ADAM Catalogue Enrichment application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=027438666&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Megliani, Mauro Sovereign debt genesis - restructuring - litigation Internationales Finanzrecht (DE-588)4162091-4 gnd Auslandsschulden (DE-588)4003783-6 gnd Öffentliche Schulden (DE-588)4043153-8 gnd |
| subject_GND | (DE-588)4162091-4 (DE-588)4003783-6 (DE-588)4043153-8 |
| title | Sovereign debt genesis - restructuring - litigation |
| title_auth | Sovereign debt genesis - restructuring - litigation |
| title_exact_search | Sovereign debt genesis - restructuring - litigation |
| title_full | Sovereign debt genesis - restructuring - litigation Mauro Megliani |
| title_fullStr | Sovereign debt genesis - restructuring - litigation Mauro Megliani |
| title_full_unstemmed | Sovereign debt genesis - restructuring - litigation Mauro Megliani |
| title_short | Sovereign debt |
| title_sort | sovereign debt genesis restructuring litigation |
| title_sub | genesis - restructuring - litigation |
| topic | Internationales Finanzrecht (DE-588)4162091-4 gnd Auslandsschulden (DE-588)4003783-6 gnd Öffentliche Schulden (DE-588)4043153-8 gnd |
| topic_facet | Internationales Finanzrecht Auslandsschulden Öffentliche Schulden |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=027438666&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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