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Russia’S Contract Arbitrage, Anna Gelpern
Russia’S Contract Arbitrage, Anna Gelpern
Georgetown Law Faculty Publications and Other Works
Ukraine is poised to restructure its debt, but Russia may hold the best cards in the negotiation. Russia bought $3 billion in Ukrainian Eurobonds in late 2013 to prop up a political ally, since-deposed. As Russian President Vladimir Putin himself has pointed out, these bonds have unique terms that let Russia call for early repayment, putting it ahead of Ukraine’s private creditors. Meanwhile, Russia and its proxies hold enough bonds to block a restructuring vote or hold out, sticking more losses on other creditors. Russia has refused to restructure the bonds in the Paris Club of government-to-government creditors, claiming that …
A Skeptic’S Case For Sovereign Bankruptcy, Anna Gelpern
A Skeptic’S Case For Sovereign Bankruptcy, Anna Gelpern
Georgetown Law Faculty Publications and Other Works
This essay describes fundamental flaws in the sovereign debt restructuring regime, but questions the prevailing arguments for sovereign bankruptcy. The author concludes that efficient debt outcomes may well come about without bankruptcy, but that a statutory regime is necessary to achieve sovereign autonomy and political legitimacy.