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Sovereign Debt and Human Rights$
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Ilias Bantekas and Cephas Lumina

Print publication date: 2018

Print ISBN-13: 9780198810445

Published to Oxford Scholarship Online: January 2019

DOI: 10.1093/oso/9780198810445.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 12 June 2021

A Soft Law Mechanism for Sovereign Debt Restructuring Based on the UN Principles

A Soft Law Mechanism for Sovereign Debt Restructuring Based on the UN Principles

Chapter:
(p.446) 23 A Soft Law Mechanism for Sovereign Debt Restructuring Based on the UN Principles1
Source:
Sovereign Debt and Human Rights
Author(s):

Martin Guzman

Joseph E Stiglitz

Publisher:
Oxford University Press
DOI:10.1093/oso/9780198810445.003.0024

This chapter provides a critical overview of the steps and measures taken by the United Nations and other multilateral organizations and actors to resolve chronic sovereign indebtedness and contrasts these with private practices that distort any multilateral outcomes, chiefly vulture funds and holdout creditors. These practices are further reinforced by the courts of jurisdictions willing to entertain suits against sovereigns, notwithstanding the human rights implications and the existence of debt restructuring processes, as well as the demise of sovereign immunity in the face of such suits.

Keywords:   Debt restructuring, immunity, holdout creditors, good faith, transparency, vulture funds

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