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Building A Better Seating Chart For Sovereign Restructurings, Anna Gelpern
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 …
International Law Status Of Wto Dispute Settlement Reports: Obligation To Comply Or Option To "Buy Out"?, John H. Jackson
International Law Status Of Wto Dispute Settlement Reports: Obligation To Comply Or Option To "Buy Out"?, John H. Jackson
Georgetown Law Faculty Publications and Other Works
In four further parts of this comment, I undertake to fulfill my "obligation" to present a more thorough analysis. In part II, I briefly introduce some of the different elements that would go into normal treaty interpretation related to the issue in question, such as which text should be part of the analysis and whether "preparatory work" or intent of the parties, including statements by some nation-state governmental officials made contemporaneously with the drafting of the treaty, should be considered. Likewise, I mention the importance of the forty seven years of GATT practice to the interpretive process, and I note …