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18 to proceed with harsh sovereign debt restructuring, which normally consists of an exchange offer of old and new bonds on a consensual basis. 19 Yet this difficulty of securing voluntary acceptance by foreign private creditors is sometimes jeopardised by the so-called holdout strategy by minority

In: The Journal of World Investment & Trade

1 Introduction On 9 September 2014, the UN General Assembly passed a resolution calling for “the establishment of a multilateral legal framework for sovereign debt restructuring processes.” 1 The initiative was a response to what Anne Krueger, former deputy director of the International Monetary

In: Global Governance: A Review of Multilateralism and International Organizations

Adopted by the General Assembly at its 102nd plenary meeting, 10 Sep 2015 Status information appears at end of document    The General Assembly, Recalling its resolutions 68/304 of 9 September 2014 and 69/247 of 29 December 2014 concerning sovereign debt restructuring processes, Welcoming the work

In: International Law & World Order
In: Towards a Reorganisation System for Sovereign Debt

cannot take into account all interests at stake. To this end, a number of projects have been elaborated, to regulate the matter at the international level, start- ing from the Sovereign Debt Restructuring Mechanism of the IMF to other proposals of international bankruptcy codes, none of which has been

In: International Community Law Review

disputes stemming from sovereign bonds, such as the Sovereign Debt Restructuring Mechanism proposed by the International Monetary Fund. 6 Instances like this illustrate the evolution of ICSID: whereas Shihata or Aron Broches, the fathers of ICSID (to whom the book is dedicated), saw ICSID more as

In: The Journal of World Investment & Trade

could ensure, at least partially, that they have the financial policy leeway to pursue sovereign debt restructuring. In this sense, this article aims to scrutinize the balance between investment protection and state sovereignty in investment treaty law at the jurisdictional stage of arbitral proceedings

In: The Law & Practice of International Courts and Tribunals

challenges to efforts to reform sovereign debt restructuring. The appearance of arbitrations with large numbers of claimants is a recent trend across not only investor-State but also commercial and consumer arbitration. Ambiente is only the second decision, after Abaclat , explicitly addressing multi

In: The Journal of World Investment & Trade

and inter-creditor cooperation regarding default losses. 6 “By the late 1990s,” argues Gelpern (2016a), “sovereign debt restructuring was the work of a reasonably integrated regime…[which] delivers a measure of relief to debtors and impressive returns for creditors with no treaty, no statute, and no

In: Perspectives on Global Development and Technology

the World Bank’s poverty reduction programmes and the current IMF proposals on sovereign debt restructuring should be taken seriously, from within a Marxist analytical framework, as should recurrent criticisms of the advanced capitalist countries. It is anachronistic to see the World Bank and the IMF

In: Historical Materialism