3005
Recent decisions of the U.S. courts in re: "NML Capital, Ltd. v. Republic of Argentina" put sovereign debt at the center of the international debate once again. There is an academic and institutional consensus regarding the relevance of solving the problems faced by countries within a debt...
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| Formato: | Artículo publishedVersion |
| Lenguaje: | Español |
| Publicado: |
Universidad de Buenos Aires. Facultad de Derecho. Departamento de Publicaciones
2015
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| Acceso en línea: | http://www.derecho.uba.ar/publicaciones/pensar-en-derecho/revistas/6/deuda-soberana-problemas-y-soluciones-en-la-encrucijada.pdf http://repositoriouba.sisbi.uba.ar/gsdl/cgi-bin/library.cgi?a=d&c=pensar&cl=CL1&d=HWA_3005 https://repositoriouba.sisbi.uba.ar/gsdl/collect/pensar/index/assoc/HWA_3005.dir/3005.PDF |
| Aporte de: |
| Sumario: | Recent decisions of the U.S. courts in re: "NML Capital, Ltd. v. Republic of Argentina" put sovereign debt at the center of the international debate once again. There is an academic and institutional consensus regarding the relevance of solving the problems faced by countries within a debt restructuring scenario. However, the definitive solution is still pending. The purpose of this paper is to explain the current problems of sovereign debt and how they developed in the recent argentine experience from an economic analysis of law perspective. After considering such concerns under a theoretical and practical approach, the analysis focuses on the two main alternatives suggested to solve them from the legal standpoint: the free market or "contractual solution", by means of the widespread and universal use of collective action clauses, and the "regulatory solution", through the implementation of an international convention which regulates the restructuring process. The paper concludes that the second tool is in better conditions to provide a comprehensive solution to achieve the goal of having orderly and predictable sovereign debt restructurings |
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