A debt restructuring mechanism for sovereigns : do we need a legal procedure? / edited by Dr. Christoph G. Paulus, LL.M., professor at the Humboldt-Universität zu Berlin.
2014
KJC7085.A6 D43 2014 (Map It)
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Title
A debt restructuring mechanism for sovereigns : do we need a legal procedure? / edited by Dr. Christoph G. Paulus, LL.M., professor at the Humboldt-Universität zu Berlin.
Published
München, Germany : Verlag C. H. Beck, [2014]
Call Number
KJC7085.A6 D43 2014
ISBN
9783406662584 (Beck : hd.bd.)
3406662587 (hd.bd.)
9781849467407 (Hart : hd.bd.)
1849467404 (Hart : hd.bd.)
9783848713561 (Nomos : hd.bd.)
384871356X (Nomos : hd.bd.)
3406662587 (hd.bd.)
9781849467407 (Hart : hd.bd.)
1849467404 (Hart : hd.bd.)
9783848713561 (Nomos : hd.bd.)
384871356X (Nomos : hd.bd.)
Description
viii, 278 pages : illustration ; 25 cm
System Control No.
(OCoLC)883616769
Summary
The Eurozone crisis, which started in Spring 2010 as a Greek budget crisis, has alerted Europeans that the issue of defaulting sovereigns is not one reserved just for the poor and poorest countries on this globe. The crisis painfully amplified that developed countries, too, might be hit by this phenomenon. To be sure, this insight is far from novel - the history of defaulting States reaches back into history for at least two millennia. And yet, lawyers have surprisingly abstained more or less completely from discussing this subject and developing possible solutions. Beginning with the Argentinian crisis in 2001, this neglect began to vanish to a certain degree and this movement got some momentum in 2010 by the Eurozone crisis. The present book collects contributions from authors, most of whom have participated in a conference on this issue in January 2012 at Humboldt University of Berlin.
Note
"Conference held at the Humboldt-Universität, Berlin, January 2012" --Page [iii].
Bibliography, etc. Note
Includes bibliographical references.
Record Appears in
Added Author
Table of Contents
Preface
v
ch. 1
The Historical Experience and Economics of Sovereign Debt
A.
Echoes of History: The International Financial Commission in Greece / Michael Waibel
3
B.
The European Debt Crisis: How Did We Get into this Mess? How Can We Get out of it? / Michael C. Burda
21
C.
Why the Debt Crisis Led to a Systemic Crisis and How to Escape from it / Ernst-Moritz Lipp
35
ch. 2
Current Measures for Dealing with Sovereign Debt -- An Ad-Hoc Machinery?
A.
A Legal Analysis of the Eurozone Crisis / Christian Hofmann
43
B.
Reflections on Subnational Debt and the Sovereign Crisis in Spain / Ignacio Tirado
75
C.
Sovereign Debt Restructuring and the Internal Legal Framework: The Greek Experience / Aristides P. Chiotellis
99
D.
Engineering an Orderly Greek Debt Restructuring / Jeromin Zettelmeyer
119
E.
How to Neutralize the Bondholder's Treaty Rights of Arbitration in Debt Restructuring / Yves Nouvel
129
F.
Disenfranchisement in Sovereign Bonds / Keegan S. Drake
141
G.
Legal Change and Sovereign Debt Crisis. The Clash between Capitalism and Democracy in the Western Legal Tradition / Alessandro Somma
163
ch. 3
Dealing with Future Sovereign Debt Crises
A.
The German Perspective: The Structure of the European Stability Mechanism / Ludger Schuknecht
185
B.
Should Politics be Replaced by a Legal Proceeding? / Christoph G. Paulus
191
C.
A Debt Restructuring Mechanism for European Sovereigns: An Emerging Idea / Mathias Audit
213
D.
Do We Need a Mechanism for Solving Sovereign Debt Crises? A Rule-Based Discussion / Ugo Panizza
223
E.
The Importance of Being Prepared -- A Call for a European Sovereign Debt Restructuring Mechanism / Bettina Nunner-Krautgasser
241
ch. 4
International Survey -- Learning from International Precedents
A.
Sovereign Debt and Exclusions from Insolvency Proceedings / Jay L. Westbrook
251
B.
A Skeptic's Case for Sovereign Bankruptcy / Anna Gelpern
261