Law Commons^™

Centrality And Compliance: Unitary Vs. Federalist Political Systems In The Implementation Of The Kyoto Protocol In Argentina And Uruguay, Aidan Homan

Baker Scholar Projects

When Uruguay and Argentina first gained their respective independence in the early 1800s, they appeared to be following the same path of development As countries that came from the same Spanish colonization, share almost identical agricultural economies, and retain a close relationship, it is logical that they would follow similar trajectories. This assumption proves to be inaccurate in more ways than one, but most prominently within the environmental sphere. One way to analyze this difference in policy implementation lies in compliance with international environmental treaties which contain specific goals and limits for all parties involved. The Kyoto Protocol presents a …

Changemakers: 'You Have To Adapt To Survive', Roger Williams University School Of Law

Life of the Law School (1993- )

No abstract provided.

Law School News: Should Prison Be Abolished? 10-6-2022, Michael M. Bowden

Life of the Law School (1993- )

No abstract provided.

A Process For Politics, Anna Gelpern

Georgetown Law Faculty Publications and Other Works

I argue that consistent and public process observance has a distinctly valuable function in sovereign debt restructuring, with no precise equivalent in national insolvency regimes. National regimes reflect the distribution bargains of their enactment, presumptively legitimate and binding. Debtors and creditors allocate insolvency losses in their shadow, with liquidation as a backstop and politics just outside the frame. All else equal, the restructuring process has a harder job with sovereign debt. There is no liquidation backstop and no default distribution scenario. Each crisis resolution episode must allocate losses from scratch among the country’s citizens, foreign and domestic creditors, and other …

Law School News: 'You Have To Adapt To Survive' 11-11-2021, Michael M. Bowden

Life of the Law School (1993- )

No abstract provided.

Beholding Law: Amadeo On The Argentine Constitution, Christina D. Ponsa-Kraus, Erin F. Delaney

Faculty Scholarship

This essay introduces an online edition of Santos P. Amadeo’s Argentine Constitutional Law to be published by the Academia Puertorriqueña de Jurisprudencia y Legislación. Tracing the book to its origins in a paper Amadeo wrote for a seminar in comparative constitutional law at Columbia Law School in the 1930s, we discuss the intellectual context that gave rise to the book and assess its author’s methodological choices. We then examine one particular substantive choice: Whereas the paper specifically draws attention to the importance of understanding every form of political subdivision in a federalist system – identifying Argentina’s as the provinces, the …

Cacs And Doorknobs, Anna Gelpern, Jeromin Zettelmeyer

Georgetown Law Faculty Publications and Other Works

In response to debt crises, policy makers often feature Collective Action Clauses (CACs) in sovereign bonds among the pillars of international financial architecture. However, the content of official pronouncements about CACs suggests that CACs are more like doorknobs: a process tool with limited impact on the incidence or ultimate outcome of a debt restructuring. We ask whether CACs are welfare improving and, if so, whether they are pillars or doorknobs. The history of CACs in corporate debt suggests that CACs can be good, bad or unimportant depending on their vulnerability to abuse and the available alternatives, including bankruptcy and debt …

La Vulneración De Los Derechos E Invisibilización Sobre Lxs Migrantes Senegaleses En Caba / The Violation Of Human Rights And The Invisibilization Of Senegalese Immigrants In The Autonomous City Of Buenos Aires, Madeline Doane

Independent Study Project (ISP) Collection

Antes de que Argentina fuera una estado-nación oficial, ha habido una invisibilización de lxs afro-descendientes y afro-argentinxs que continúa hoy bajo la negación de la existencia y los derechos de lxs inmigrantes senegaleses. Desde la década de 1990, ha habido una progresiva afluencia de migrantes senegaleses, por lo general de varones jóvenes, a Buenos Aires, Argentina, con el sueño de prosperidad económica para compartir con sus familias en Senegal. A su llegada, se enfrentan a varias barreras lingüísticas y culturales para adaptarse al estilo de vida argentino. Debido a las leyes de inmigración actuales, no son capaces de obtener trabajos …

The Casualty Of Investor Protection In Times Of Economic Crisis, Kathleen Claussen

Articles

No abstract provided.

Restructuring Sovereign Debt After Nml V. Argentina, Lee C. Buchheit, G. Mitu Gulati

Faculty Scholarship

The decade and a half of litigation that followed Argentina’s sovereign bond default in 2001 ended with a great disturbance in the Force. A new creditor weapon had been uncloaked: The prospect of a court injunction requiring the sovereign borrower to pay those creditors that decline to participate in a debt restructuring ratably with any payments made to those creditors that do provide the country with debt relief.

For the first time holdouts succeeded in fashioning a weapon that could be used to injure their erstwhile fellow bondholders, not just the sovereign issuer. Is the availability of this new weapon …

Courts And Sovereigns In The Pari Passu Goldmines, Anna Gelpern

Georgetown Law Faculty Publications and Other Works

U.S. federal court rulings against Argentina since 2012 have turned the pari passu clause in sovereign bond contracts into the most promising debt collection tool against immune governments since the days of gunboat diplomacy. The large literature on pari passu (“equal step” in Latin) assumes that the clause had not been used for enforcement before the late 1990s, and that it was first construed by a Belgian court in a case against Peru in the year 2000. The Belgian decision was criticized for wrongly concluding that pari passu promised ratable payment to all holders of Peru’s external debt. A decade …

¿El Derecho A Una Vida Sin Discriminación?: Un Análisis De Las Representaciones Discriminatorias Sobre Los Migrantes Bolivianos Por Parte De Los Residentes Argentinos En El Barrio Porteño De Flores, Kelly Johnson

Independent Study Project (ISP) Collection

Argentina has always been a country where migration has influenced the nation’s identity. Although migration from bordering countries towards Argentina is a phenomenon that dates back to the beginnings of the nation, since the 1990s this migratory phenomenon has been the most visible in the country, especially migration from Bolivia. The visibilization of these migrants, who do not always share the characteristics of the hegemonic Argentine (the figure of the son of white European immigrants), caused in the 1990s a surge of discrimination and social rejection. Combined with the continued existence of the restrictive “Videla Law,” a migratory law from …

Sovereign Debt: Now What?, Anna Gelpern

Georgetown Law Faculty Publications and Other Works

The sovereign debt restructuring regime looks like it is coming apart. Changing patterns of capital flows, old creditors’ weakening commitment to past practices, and other stakeholders’ inability to take over, or coalesce behind a viable alternative, have challenged the regime from the moment it took shape in the mid-1990s. By 2016, its survival cannot be taken for granted. Crises in Argentina, Greece, and Ukraine since 2010 exposed the regime’s perennial failures and new shortcomings. Until an alternative emerges, there may be messier, more protracted restructurings, more demands on public resources, and more pressure on national courts to intervene in disputes …

Count The Limbs: Designing Robust Aggregation Clauses In Sovereign Bonds, Anna Gelpern, Ben Heller, Brad Setser

Georgetown Law Faculty Publications and Other Works

On August 29, 2014, the International Capital Market Association (ICMA) published new recommended terms for sovereign bond contracts governed by English law. One of the new terms would allow a super majority of creditors to approve a debtor’s restructuring proposal in one vote across multiple bond series. The vote could bind all bond holders, even if a series voted unanimously against restructuring, so long as enough holders in the other series voted for it. An apparently technical change, awkwardly named “single-limb aggregated collective action clauses (CACs)” promised to eliminate free-riders for the first time in the history of sovereign bond …

A Framework For A Formal Sovereign Debt Restructuring Mechanism: The Kiss Principle (Keep It Simple, Stupid) And Other Guiding Principles, Charles W. Mooney Jr.

All Faculty Scholarship

Given the ongoing work on a multilateral restructuring process for sovereign debt in the UN, consideration of the content and implementation of a sovereign debt restructuring mechanism (SDRM) is timely. The framework and content of the SDRM proposed here differs from earlier proposals in several important respects. For the classification and supermajority voting of claims in the approval a restructuring plan, it would mimic the structure and operation of the model collective action clauses (Model CACs) proposed by the International Capital Markets Association. Restructuring under a qualified sovereign debt restructuring law (QSDRL) would be guided by four principles: (i) observe …

Argentina's Trials: New Ways Of Writing Memory, Susana Kaiser

Media Studies

The last Argentine dictatorship (1976–1983) left a legacy of an estimated 30,000 desaparecidos (disappeared people). Three decades later, the wall of impunity is now being torn down. Trials are spreading across Argentina and hundreds of repressors are being judged. These trials are public spaces for collective memory making, political arenas for competing memory battles, and forums in which new information and perspectives about what happened under state terrorism continually emerge. Through the testimonies of survivors and the claims of the defense teams we gain new knowledge about the level and scope of the human rights abuses, how the repressive apparatus …

Injunctions In Sovereign Debt Litigation, Mark C. Weidemaier, Anna Gelpern

Georgetown Law Faculty Publications and Other Works

Injunctions against foreign sovereigns have come under criticism on comity and enforcement grounds. We argue that these objections are overstated. Comity considerations are important but not dispositive. Enforcement objections assign too much significance to the court’s inability to impose meaningful contempt sanctions, overlooking the fact that, when a foreign sovereign is involved, both money judgments and injunctions are enforced through what amounts to a court-imposed embargo. This embargo discourages third parties from dealing with the sovereign and, if sufficiently costly, can induce the sovereign to comply. Nevertheless, we are skeptical about injunctions in sovereign debt litigation. They are prone to …

Women In Prison In Argentina: Causes, Conditions, And Consequences, Cornell Law School. Avon Global Center For Women And Justice, DefensoríA General De La NacióN (Argentina), University Of Chicago. Law School. International Human Rights Clinic

Avon Global Center for Women and Justice and Dorothea S. Clarke Program in Feminist Jurisprudence

In recent years, the number of women in prison has increased throughout the world, including in Argentina. In Argentina’s federal prisons, the population of female prisoners has expanded nearly 200% in the past two decades, a much higher rate than the increase in the number of incarcerated men. It is important to understand why these numbers have increased so significantly and to recognize the gender-specific needs and challenges of women prisoners.

This report offers a valuable contribution towards our understanding of the causes, conditions, and consequences of women’s imprisonment in Argentina. It is based on extensive research, including desk research, …

The Long, Lingering Shadow: Slavery, Race, And Law In The American Hemisphere (Introduction), Robert J. Cottrol

GW Law Faculty Publications & Other Works

This essay is the introduction to the recently published book, The Long, Lingering Shadow: Slavery, Race , and Law in the American Hemisphere (University of Georgia Press, 2013). Students of American history know of the law’s critical role in developing a system of racial hierarchy in the United States. The Long, Lingering Shadow shows that this history is best appreciated in a comparative perspective. The volume looks at the parallel legal histories of race relations in the United States, Brazil, and Spanish America. It takes the reader on a journey that begins with the origins of New World slavery in …

Contract Hope And Sovereign Redemption, Anna Gelpern

Georgetown Law Faculty Publications and Other Works

Sovereign immunity has served as a partial substitute for bankruptcy protection, but it has encouraged a minority of creditors to pursue unorthodox legal remedies with spillover effects far beyond the debtor-creditor relationship. The attempt to enforce Argentina’s pari passu clause in New York is an example of such a remedy, which relies primarily on collateral damage to other creditors and market infrastructure to obtain settlement from a debtor that would not pay. The District Court decision, now on appeal before the Second Circuit, may not make holding out more attractive in future restructurings – but it would make participation less …

Book Review: The Public International Law Regime Governing International Investment, By Jose E. Alvarez, The Hague: Hague Academy Of International Law, 2011, Pp. 502, Susan Franck

Book Reviews

Jose Alverez's recent book, The Public International Law Regime Governing International Investment, places international investment law firmly within the rubric of public international law. Historically, international investment law might have been classified as pure private international law given the private commercial actors and investment activities involved. Alvarez posits that a dichotomous public versus private law paradigm does not work in the context of international investment and makes the implicit explicit by considering investment law’s unique, arguably sui generis, hybrid essence that crosses the public and private international law divides. This book review explores Alvarez's primary thesis and his extended exposition …

El Derecho Para Decir “Sí, Quiero”: El Movimiento Lgbtq En Los Ee.Uu., España, Y La Argentina, Jamila A. Humphrie

Hispanic Studies Honors Projects

This Honors Project reflects my four years of experiences as a student of the Hispanic Studies Department. The project incorporates my experience and research conducted during my study abroad experience in Argentina, Spanish, and critical study and theory. Throughout the project, I examine the dichotomy between assimilation and liberation as a framework for the LGBTQ movement, and the commonalities in the histories of the three countries. My thesis states that: as a result of globalization and what I call the transatlantic trade of ideas, the LGBTQ movements in Spain, Argentina and the U.S. have all adapted a limited and ultimately …

Human Rights Abuses In 1970s Argentina, Vanessa Gomez

Calvert Undergraduate Research Awards

In this paper I address various components to the human rights abuses in Argentina in the 1970s. The domestic political situation is analyzed with particular attention paid to the political culture and the history of the regime. Media outlets and interviews by victims are used to facilitate first-hand accounts of the regime. The international arena and the efforts of human rights groups are mentioned as a means to demonstrate the international implications of the regime. I wrote this paper to further my knowledge on human rights abuses and further the knowledge of all who read my attempt. This essay marks …

Financial Crisis Containment, Anna Gelpern

Articles in Law Reviews & Other Academic Journals

This Article maps financial crisis containment - extraordinary measures to stop the spread of financial distress - as a category of legal and policy choice. I make three claims.

First, containment is distinct from financial regulation, crisis prevention and resolution. Containment is brief; it targets the immediate term. It involves claims of emergency, rule-breaking, time inconsistency and moral hazard. In contrast, regulation, prevention and resolution seek to establish sound incentives for the long term. Second, containment decisions deviate from non-crisis norms in predictable ways, and are consistent across diverse countries and crises. Containment invariably entails three kinds of choices: choices …

Financial Crisis Containment, Anna Gelpern

Georgetown Law Faculty Publications and Other Works

This Article maps financial crisis containment - extraordinary measures to stop the spread of financial distress - as a category of legal and policy choice. I make three claims.

First, containment is distinct from financial regulation, crisis prevention and resolution. Containment is brief; it targets the immediate term. It involves claims of emergency, rule-breaking, time inconsistency and moral hazard. In contrast, regulation, prevention and resolution seek to establish sound incentives for the long term. Second, containment decisions deviate from non-crisis norms in predictable ways, and are consistent across diverse countries and crises. Containment invariably entails three kinds of choices: choices …

The Argentine Financial Crisis: State Liability Under Bits And The Legitimacy Of The Icsid System, William W. Burke-White

All Faculty Scholarship

This essay examines the jurisprudence of the International Center for the Settlement of Investment Disputes (ICSID) arbitral tribunals in a series of cases brought against the Republic of Argentina in the wake of the 2001-2002 Argentine financial collapse. The essay considers the ICSID tribunals' treatment of non-precluded measures provisions in Argentina's bilateral investment treaties (BITs) and the customary law defense of necessity and argues that the ICSID tribunals have sought to radically narrow the opportunities available to states to craft policy responses to emergency situations while strengthening investor protections beyond the intent of the states parties to the BITs under …

Beyond Invisibility: Afro-Argentines In Their Nation's Culture And Memory, Robert J. Cottrol

GW Law Faculty Publications & Other Works

This essay examines recent works on the history and culture of Afro-Argentines. It discusses why the study of Afro-Argentines has traditionally been an underexamined topic by scholars specializing in Argentina and why there has been a recent renewal of interest in the topic. Essay explores influence of Africans and Afro-Argentines on Argentine culture and the question of the so-called disappearance of the Afro-Argentines.

International Law And Religion In Latin America: The Beagle Channel Dispute, M C. Mirow

Faculty Publications

In 1978, an Argentine diplomat proposed a method of defusing a territorial dispute that very nearly sparked off a war between Argentina and Chile, It,was an offer calculated to be rejected by Chile, and yet Chile’s immediate response was “Agreed” - a response so unthinkable to Argentina that within hours its military Junta revoked the power of the Foreign Minister and the President to sign the agreement it had just proposed. In December 1978, the countries were quickly moving towards a war that, if waged, would most likely have engulfed much of Latin America. The Vatican, however, intervened and brought …

Domestic And External Debt: The Doomed Quest For Equal Treatment, Anna Gelpern, Brad Setser

Georgetown Law Faculty Publications and Other Works

Until recently, governments borrowed from domestic residents and foreign investors using very different instruments. Residents bought "domestic debt" - paper denominated in local currency and governed by domestic law. Foreign investors preferred "external debt", which offered foreign currency and foreign law. Because there was virtually no overlap between resident and nonresident holdings, it mattered little that lawyers and economists defined domestic and external debt differently: lawyers focused on features such as governing law and jurisdiction, economists on the holder's residence and currency of denomination. The legal and economic definitions of domestic and external debt were effectively bundled: "domestic debt" meant …

Building A Better Seating Chart For Sovereign Restructurings, Anna Gelpern

Georgetown Law Faculty Publications and Other Works

Every sovereign debt restructuring in recent memory has wrestled with the problem of inter-creditor equity. Governments have discriminated among creditors in ways that were hard to predict and often were not revealed until after a debt default. In contrast, debts of firms, individuals and even localities are ranked in order of priority established by contract and statute. This ranking is known at borrowing, generally corresponds to the order of repayment in bankruptcy liquidation, and helps define the creditors' relative bargaining power in reorganization. Without a bankruptcy backstop, most debts of national governments are legally equal. Yet in practice, sovereign immunity …