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Vol 22 No 3 March/April 2017

Book of the Month

Cover of Company Directors: Duties, Liabilities and Remedies

Company Directors: Duties, Liabilities and Remedies

Edited by: Simon Mortimore
Price: £225.00

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Sovereign Defaults before International Courts and Tribunals

ISBN13: 9781107684294
Published: October 2013
Publisher: Cambridge University Press
Country of Publication: UK
Format: Paperback (Hardback in 2011)
Price: £28.99
Hardback edition , ISBN13 9780521196994

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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.

Public International Law, Banking and Finance
1. Sovereign debt crises and defaults
2. Political responses to sovereign defaults
3. Quasi-receivership of highly indebted countries
4. Monetary reform and sovereign debt
5. Financial necessity
6. National settlement institutions
7. Arbitration on sovereign debt
8. Arbitration clauses in sovereign debt instruments
9. Creditor protection in international law
10. ICSID arbitration on sovereign debt
11. Overlapping jurisdiction over sovereign debt
12. Sovereign default as trigger of responsibility
13. Compensation on sovereign debt
14. Building durable institutions for adjudicating sovereign defaults.