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Legitimacy And Impartiality As Basic Principles For Sovereign Debt Restructuring, Odette Lienau
Legitimacy And Impartiality As Basic Principles For Sovereign Debt Restructuring, Odette Lienau
Cornell Law Faculty Publications
This essay suggests that attentiveness to the principles of legitimacy and impartiality may contribute to the instrumental success of any sovereign debt restructuring, and highlights institutional elements or practices often associated with these goals. An additional question can be raised as to whether these principles might have a further claim to special consideration, as part of emerging customary international law or general principles of law. Any determination along these lines is made difficult by the fact that legitimacy is a composite principle, constituted of multiple procedural and substantive norms, and perhaps lacks the necessary specificity to be a legal rule …
The Challenge Of Legitimacy In Sovereign Debt Restructuring, Odette Lienau
The Challenge Of Legitimacy In Sovereign Debt Restructuring, Odette Lienau
Cornell Law Faculty Publications
Since the emergence of the post-World War II international economic system, policymakers have lamented the absence of a global sovereign debt restructuring mechanism. This disappointment has only intensified in recent years, as the failure to provide prompt, comprehensive, and lasting debt relief becomes even more apparent. As a result, scholars and key international actors have argued for the development of a more coherent global approach to debt workouts. But to date this discussion lacks a sustained focus on questions of legitimacy—a fact that is exceptionally puzzling in light of the voluminous scholarship on the legitimacy deficits of international economic institutions …