Debts, Human Rights, and the Rule of Law
Debts, Human Rights, and the Rule of Law
Advocating a Fair and Efficient Sovereign Insolvency Model
Chapter 15: The shortcomings of the present international financial architecture and the limits of the contractual approach were forcefully recalled recently. Starting from the UN’s demand for sovereign insolvency, this paper analyzes which elements are indispensable for any model to be rightly called insolvency: equality of parties instead of creditor diktat, debtor protection, fairness and a solution in the best interest of all creditors. This is important as private creditors have increasingly had to suffer unnecessary losses caused by the public sector. For countries, the problem of sovereignty must be solved. A model is presented that fulfills all these requirements, the Raffer Proposal. The paper concludes by showing that there has been progress since the 1980s, although at snail speed.
Keywords: Sovereign insolvency, Human Rights, International Lending, Debt Overhang, International Financial Architecture, US Chapter 9,
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