Sovereign defaults before International courts and tribunals /
Michael Waibel.
imprint
Cambridge ; New York : Cambridge University Press, 2011.
description
lvi, 366 p. : ill. ; 24 cm.
ISBN
9780521196994 (hardback)
format(s)
Book
Holdings
More Details
imprint
Cambridge ; New York : Cambridge University Press, 2011.
isbn
9780521196994 (hardback)
contents note
Sovereign debt crises and defaults -- Political responses to sovereign defaults -- Quasi-receivership of highly indebted countries -- Monetary reform and sovereign debt -- Financial necessity -- National settlement institutions -- State succession and the capacity to pay -- Arbitration clauses in sovereign debt instruments -- Creditor protection in international law -- ICSID arbitration on sovereign debt -- Overlapping jurisdiction over sovereign debt -- Sovereign default as trigger of responsibility -- Compensation on sovereign debt -- Building durable institutions for the international adjudication of sovereign debt.
abstract
"International law on sovereign defaults is underdeveloped because States have largely refrained from adjudicating disputes arising out of public debt. The looming new wave of sovereign defaults is likely to shift dispute resolution away from national courts to international tribunals and transform the current regime for restructuring sovereign debt. Michael Waibel assesses how international tribunals balance creditor claims and sovereign capacity to pay across time. The history of adjudicating sovereign defaults internationally over the last 150 years offers a rich repository of experience for future cases: US state defaults, quasi-receiverships in the Dominican Republic and Ottoman Empire, the Venezuela Preferential Case, the Soviet repudiation in 1917, the League of Nations, the World War Foreign Debt Commission, Germany's 30-year restructuring after 1918 and ICSID arbitration on Argentina's default in 2001. The remarkable continuity in international practice and jurisprudence suggests avenues for building durable institutions capable of resolving future sovereign defaults"--
catalogue key
7779569
 
Includes bibliographical references (p. 330-349) and index.
A Look Inside
Reviews
Review Quotes
'A remarkable book - to our knowledge, it is the first comprehensive and systematic treatment of this subject. The book combines historical analysis with careful research of case law and other practice. The result is an impressive and original treatment of a subject that is of the utmost relevance for the present state of the international economic system.' Eyal Benvenisti, Jutta Brunnee and Francesco Francioni, jury for the 2012 ESIL Book Prize
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Summaries
Description for Bookstore
As public debt soars, a new wave of sovereign defaults looms. Michael Waibel examines 150 years of international dispute resolution on sovereign defaults. The observed continuity in the law and policy governing sovereign defaults suggests avenues for building durable institutions capable of resolving future sovereign defaults.
Main Description
International law on sovereign defaults is underdeveloped because States have largely refrained from adjudicating disputes arising out of public debt. The looming new wave of sovereign defaults is likely to shift dispute resolution away from national courts to international tribunals and transform the current regime for restructuring sovereign debt. Michael Waibel assesses how international tribunals balance creditor claims and sovereign capacity to pay across time. The history of adjudicating sovereign defaults internationally over the last 150 years offers a rich repository of experience for future cases: US state defaults, quasi-receiverships in the Dominican Republic and Ottoman Empire, the Venezuela Preferential Case, the Soviet repudiation in 1917, the League of Nations, the World War Foreign Debt Commission, Germany's 30-year restructuring after 1918 and ICSID arbitration on Argentina's default in 2001. The remarkable continuity in international practice and jurisprudence suggests avenues for building durable institutions capable of resolving future sovereign defaults.
Bowker Data Service Summary
Michael Waibel assesses how international courts and tribunals balance creditor claims and sovereign capacity to pay across time.
Table of Contents
Sovereign debt crises and defaults
Political responses to sovereign defaults
Quasi-receivership of highly indebted countries
Monetary reform and sovereign debt
Financial necessity
National settlement institutions
State succession and the capacity to pay
Arbitration clauses in sovereign debt instruments
Creditor protection in international law
ICSID arbitration on sovereign debt
Overlapping jurisdiction over sovereign debt
Sovereign default as trigger of responsibility
Compensation on sovereign debt
Building durable institutions for the international adjudication sovereign debt
Table of Contents provided by Publisher. All Rights Reserved.

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