When a corrupt governmental regime borrows money in the name of the state, and then
steals or squanders the proceeds, must the future citizens of that country repay the loan …

The global downturn caused by the Covid-19 pandemic has the potential to send more than
half the nations around the globe into debt distress in the near future. As of this writing, …

One hundred years ago in the United States, confronted by the urgent need to find a debt
workout procedure for large corporate and railroad bond issuers, the financial community …

This paper attempts to provide a playbook for the sovereign debt restructuring process,
drawing on the experience with sovereign debt restructuring since the 1980s. It begins with a …

Sovereign debt crises occur regularly and often violently. Yet there is no legally and politically
recognized procedure for restructuring the debt of bankrupt sovereigns. Procedures of this …

… or rescheduled in favour of some other external obligation."); Lee C. Buchheit, The Pari …
and warranty and the pari passu covenant generally, see BUCHHEIT, supra note 3, at 82-83. 6 …

The official sector proponents of the new financial architecture, mainly the G-10 governments
and international financial institutions like the International Monetary Fund (IMF), have …

The Eurozone official sector has declared that the belated restructuring of Greek bonds held
by private sector creditors in 2012 was a “unique and exceptional” event, never, ever to be …

Although it is relatively easy for a lender to get a court judgment against a defaulting sovereign
(this is a sovereign’s great vulnerability in comparison with a corporate debtor eligible for …

There are three reasons for attempting to reach a common understanding of the responsibilities
of sovereign borrowers and their lenders. First, the flow of capital to sovereign debtors is …