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The insolvency of sovereign debtors is a virtually timeless phenomenon and yet the existing international financial architecture does not provide any legal framework to deal with this issue. Following an overview of the main proposals as to how to bridge this gap, this study analyses the extent to which public international law can be used as a source for the establishment of a reorganisation system for sovereign debt. While there is no adequate customary international law relating to sovereign insolvencies, reference can instead be made to the growing body of general principles of law. This is illustrated by a comparison of the systems of corporate financial reorganisation in insolvency in six representatively selected countries - Argentina, England, France, Germany, Indonesia and the U.S. Due to the inherent lack of enforceability with regard to sovereign debtors, in order to be able to provide a basis for a reorganisation system for sovereign debt, these principles need to be complemented with a compliance control mechanism. This study suggests how such a system could be constructed and implemented.

Debts, Public --- Debt relief. --- State bankruptcy. --- Finance, Public --- Dettes publiques --- Dettes --- Faillite d'Etat --- Finances publiques --- Law and legislation. --- Law and legislation --- Droit --- Allègement --- Debt relief --- State bankruptcy --- Bankruptcy, National --- National bankruptcy --- Bankruptcy --- International law --- Repudiation --- Debt renegotiation --- Debt rescheduling --- Debt restructuring --- Relief, Debt --- Renegotiation, Debt --- Rescheduling, Debt --- Restructuring, Debt --- Debtor and creditor

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International finance --- International law --- Third World: economic development problems --- AA / International- internationaal --- LDC / Developping Countries - Pays En Développement --- 338.340 --- 333.162 --- 382.256 --- 336.311.2 --- 339.115 --- 338.341.1 --- 382.254 --- 333.432.8 --- Algemene ontwikkeling in de Derde Wereld. --- Bank voor Internationale Betalingen. --- Buitenlandse hulp (betalingsbalans). --- Buitenlandse leningen van de overheid. --- Buitenlandse schuld. Debt Equity Swap in LDC. --- Financiële hulp aan de Derde Wereld. --- Internationale kredieten. --- Internationale monetaire organisatie. Internationaal Muntfonds. Algemene leningovereenkomsten. --- Debts, External --- Loans, Foreign --- State bankruptcy. --- Law and legislation --- Law and legislation. --- State bankruptcy --- Bankruptcy, National --- National bankruptcy --- Bankruptcy --- Debts, Public --- Finance, Public --- Repudiation --- Debts, Foreign --- Debts, International --- External debts --- Foreign debts --- International debts --- Debt --- Investments, Foreign --- Bank voor Internationale Betalingen --- Internationale monetaire organisatie. Internationaal Muntfonds. Algemene leningovereenkomsten --- Buitenlandse leningen van de overheid --- Algemene ontwikkeling in de Derde Wereld --- Financiële hulp aan de Derde Wereld --- Buitenlandse schuld. Debt Equity Swap in LDC --- Internationale kredieten --- Buitenlandse hulp (betalingsbalans) --- Bank for International Settlements. --- International Monetary Fund. --- Internationaal monetair fonds --- International monetary fund --- BIS --- Bank for international settlements. --- IMF. --- Developing countries: economic development problems