Sovereign debt: genesis - restructuring - litigation
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| Format: | Book |
| Language: | English |
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2015
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| Online Access: | Inhaltsverzeichnis |
| Physical Description: | XXI, 604 S. |
| ISBN: | 3319084631 9783319084633 |
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Record in the Search Index
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|---|---|
| adam_text | 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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| author_GND | (DE-588)1065012543 |
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| id | DE-604.BV041996536 |
| illustrated | Not Illustrated |
| indexdate | 2024-07-10T01:10:10Z |
| 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 Öffentliche Schulden (DE-588)4043153-8 gnd rswk-swf Auslandsschulden (DE-588)4003783-6 gnd rswk-swf Internationales Finanzrecht (DE-588)4162091-4 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 Öffentliche Schulden (DE-588)4043153-8 gnd Auslandsschulden (DE-588)4003783-6 gnd Internationales Finanzrecht (DE-588)4162091-4 gnd |
| subject_GND | (DE-588)4043153-8 (DE-588)4003783-6 (DE-588)4162091-4 |
| 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 | Öffentliche Schulden (DE-588)4043153-8 gnd Auslandsschulden (DE-588)4003783-6 gnd Internationales Finanzrecht (DE-588)4162091-4 gnd |
| topic_facet | Öffentliche Schulden Auslandsschulden Internationales Finanzrecht |
| 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 |
| work_keys_str_mv | AT meglianimauro sovereigndebtgenesisrestructuringlitigation |