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An Insolvency System for Sovereigns Derived from General Principles of International Law

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Chapter Summary

The idea that general principles of international law can play an important role in constructing the legal framework for sovereigns acting in the area of international finance is hardly a new one. As early as 1964 - when the international financial architecture as we know it today was still in statu nascendi - Friedmann noted that states were increasingly acting like private parties in their international financial relations. This development has gained significant momentum since those days, so that there are no general objections against transfer of principles derived from domestic insolvency laws to sovereign debt reorganisation. However, the development of a debt reorganisation system for sovereigns derived from general principles of international law would have to be possible in technical terms. Assuming that this obstacle can be overcome, the next step in finding general principles for such an insolvency system for sovereigns is to select the relevant legal systems.

Keywords: domestic insolvency laws; insolvency system; international finance; international financial architecture; international law; legal framework; sovereign debt reorganisation; sovereigns



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