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Odious, illegitimate, illegal, or legal debts - what difference does it make for international chapter 9 debt arbitration?
- Article from:
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Law and Contemporary Problems
- Article date:
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September 22, 2007
- Author:
- Raffer, Kunibert
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Copyright informationCOPYRIGHT 2007 Duke University, School of Law. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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I
INTRODUCTION
Once upon a time, sovereign debts were just that--debts or the entitlement to be repaid fully, including interest. During the 1970s it was thought unnecessary to make any distinctions between debts, based on the assumption that sovereigns might possibly become illiquid, but could never become insolvent. Commercial banks disregarded the most elementary rules of prudent banking, including their duty of due diligence as lenders, laboring on the assumption that whatever flowed into developing countries would eventually flow back with fees and interest. A substantial misallocation of resources resulted, both directly within borrowing countries and indirectly ...
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