Published May 1, 2019
Reference - 272 Pages
ISBN 9780367182359 - CAT# KF12718
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The insolvency of states is by no means a rare or new phenomenon. Despite this, it still seems to be widely felt that states do not go bankrupt. As of yet, there are no regulated insolvency proceedings for states.
This book examines the current mechanisms for solving sovereign debt crises. It presents an analysis of their weaknesses and shows possibilities for dealing with such crises in the future. In this respect, the work focusses on crisis resolution measures at European level: the aid packages for Greece, the European Financial Stabilisation Mechanism, the European Financial Stabilisation Facility and the European Stability Mechanism. These are examined for their appropriateness as well as whether they contain elements of insolvency law. Ultimately, it explores possible insolvency proceedings for states at EU level and their implementation options.
'This book is one of the first considering the European measures on Sovereign debt crisis resolution as a whole, and putting it in a larger context. It will profoundly help scholars and practitioners to explore all instruments for regulation of such a highly sensitive area, both in their strengths and weaknesses, also giving an extremely accurate description of past and current sovereign debt crises. Focusing on both European institutional measures and private law tools, it provides the community of scholars with a new and deep instrument for further analysis of this evolving topic.'
Maria-Chiara Malaguti, Professor of international trade law, Catholic University of the Sacred Hart, Italy, senior legal expert to the World Bank and advisor to the Legal Services of the Italian Ministry for Foreign Affairs