Georgetown Journal of International Law articles from June 2004

Georgetown Journal of International Law archives from June 2004

A quarter century of sovereign debt management: an overview.
June 22, 2004... The global debt crisis of the 1980s is generally thought to have begun on August 22, 1982, when Mexico formally requested its commercial bank lenders to begin rolling over the maturing principal of their loans to Mexican public sector...

What is an emerging market?
June 22, 2004... I. INTRODUCTION An Internet search for the definition of an emerging market draws this rich haul: (1) * "The market of a developing country with high growth expectations;" (2) * "Investments in these markets are usually...

Collective action clauses: the way forward.
June 22, 2004... Collective action clauses (CACs) are a new element in the international financial architecture intended to ensure the orderly and timely resolution of sovereign default. Before the Working Group of the Group of Ten (G10) was set up in the...

Collective action clauses: theory and practice.
June 22, 2004... I. INTRODUCTION The international debate on sovereign debt restructuring has focused on two diametrically opposed approaches: a market-based contractual approach--based on the widespread inclusion of Collective Action Clauses (CACs) in...

Collective action clauses: recent progress and challenges ahead.
June 22, 2004... The policy debate over sovereign debt restructuring entered a new phase in early 2003, when Mexico first added collective actions clauses (CACs) to the terms of its global bonds issued under New York law. Within a short time, Uruguay, Brazil,...

Uruguay debt reprofiling: lessons from experience.
June 22, 2004... INTRODUCTION From 1992-2001, Uruguay was one of the most successful countries at tapping international capital markets. Clean credentials stemming from its longtime performance as a reliable debtor, together with the implementation of...

Aspects of collective will of bondholders under Japanese law.(Essays)
June 22, 2004... TABLE OF CONTENTS I. INTRODUCTION II. SOVEREIGN BONDHOLDERS' INTERESTS A. The Practical Need of Bondholders for Special Mechanisms B. The Compelling Need for Collective Action Clauses 1. Collective Action Clauses...

Domestic and external debt: the doomed quest for equal treatment.
June 22, 2004... I. INTRODUCTION "Equality" has the ring of a basic value, an incontrovertible virtue. In international finance, equal treatment is enshrined in treaties and contracts. (1) Of all the equal treatment aspirations in finance, none seems more...

The use of collective action clauses in New York law bonds of sovereign borrowers.
June 22, 2004... I. INTRODUCTION There has recently been renewed focus on the role that collective action clauses (CACs) could play in facilitating the resolution of sovereign debt problems. (1) The most prominent such clause is the majority amendment...

Stop selling bonds to retail investors.
June 22, 2004... The Uruguayan debt exchange in April 2003 was one of the most impressive pieces of sovereign liability management ever seen. (1) Because Uruguay is a small country, however, the exchange never really got the international recognition it...

Out of the past: railroads & sovereign debt restructuring.
June 22, 2004... Railroad receiverships are suddenly relevant again. Long before the enactment of the first corporate reorganization statutes in the early 1930s, the federal courts developed a method of reorganizing financially distressed corporations,...

Two-step sovereign debt restructuring: a market-based approach in a world without international bankruptcy law.
June 22, 2004... I. PREFACE Our paper was originally circulated in April 2002, just a few months after the International Monetary Fund's (IMF) November 2001 Sovereign Debt Restructuring Mechanism (SDRM) proposal and Argentina's December 2001 default on its...

Sierra Leone: the proving ground for prosecuting rape as a war crime.
June 22, 2004... TABLE OF CONTENTS I. INTRODUCTION II. THE CONFLICT IN SIERRA LEONE A. Ten Years of Civil War B. The Lome Peace Accord C. Sexual Violence Against Women During the Conflict III. THE DEVELOPMENT OF THE PROSECUTION OF...