The Bankruptcy of Nations: An Idea Whose Time Has Come
2009, 43(3) The International Lawyer, 1189-1216
33 Pages Posted: 21 Jul 2013
Date Written: July 18, 2013
A bankruptcy regime is a central part of each national financial system. Yet no regime exists for insolvent sovereigns. As a result too much capital flows into poor countries in good times and is often repaid at the expense of the basic human rights of the poor in these countries in bad times. This paper examines the case for a sovereign insolvency regime, and considers Chapter 9 of the US Bankruptcy Code as a model for such a regime.
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