A SKEPTIC'S CASE FOR SOVEREIGN BANKRUPTCY

Gelpern lays out the dominant arguments for sovereign bankruptcy and why she thinks they miss the mark. She identifies the key problems with the prevailing regime for sovereign debt restructuring. These include the unenforceable-yet-nondischargeable character of sovereign debt, fragmentation of the...

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Bibliographic Details
Published inHouston law review Vol. 50; no. 4; p. 1095
Main Author Gelpern, Anna
Format Journal Article
LanguageEnglish
Published Houston Houston Law Review Incorporated 01.01.2013
Subjects
Bankruptcy
Debt restructuring
Federalism
Sovereign debt
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Summary:Gelpern lays out the dominant arguments for sovereign bankruptcy and why she thinks they miss the mark. She identifies the key problems with the prevailing regime for sovereign debt restructuring. These include the unenforceable-yet-nondischargeable character of sovereign debt, fragmentation of the debt stock and of the debt restructuring process, and the overall lack of transparency and legitimacy in debt restructuring. She concludes by adding a federalism overlay to her thought experiment.
ISSN:0018-6694