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Human Rights and Sovereign Debt Workouts

23 Pages Posted: 27 Sep 2013 Last revised: 10 Apr 2014

Matthias Goldmann

Max Planck Institute for Comparative Public Law and International Law; Goethe University Frankfurt - Research Center SAFE; Goethe University Frankfurt - Cluster of Excellence Normative Orders; Goethe University Frankfurt

Date Written: April 9, 2014

Abstract

This paper argues that the development of a regime for sovereign debt workouts has created an asymmetry between the rights and interests of sovereign lenders and those of the population of a debtor state. It first analyzes the impact of sovereign debt workouts on human rights. Subsequently, it explores avenues for the justification of adjustment measures affecting human rights with a view to reconciling human rights with adjustment policies and rectifying the asymmetrical relationship. This includes the proposal of a checkbox test for adjustment programmes with retrogressive effects for human rights. Further, the paper discusses which actors besides the debtor state are bound by human rights. The concluding section argues that human rights impact assessments, among other procedural tools, might help reconciling the rights and interests of people living in debtor states with creditors’ rights and interests and cure the present asymmetrical relationship.

Keywords: sovereign debt workout, sovereign default, sovereign insolvency, sovereign bankruptcy, human rights, economic rights, social rights, structural adjustment programme

JEL Classification: F34

Suggested Citation

Goldmann, Matthias, Human Rights and Sovereign Debt Workouts (April 9, 2014). Available at SSRN: https://ssrn.com/abstract=2330997 or http://dx.doi.org/10.2139/ssrn.2330997

Matthias Goldmann (Contact Author)

Goethe University Frankfurt ( email )

Theodor-W.-Adorno-Platz 3
HoF H4
Frankfurt, 60629
Germany

HOME PAGE: http://https://www.jura.uni-frankfurt.de/62222403/Goldmann

Max Planck Institute for Comparative Public Law and International Law ( email )

Im Neuenheimer Feld 535
69120 Heidelberg, 69120
Germany

HOME PAGE: http://www.mpil.de/ww/en/pub/organization/scientific_staff/mgoldman.cfm

Goethe University Frankfurt - Research Center SAFE

House of Finance
Theodor-W.-Adorno-Platz 3
Frankfurt am Main, 60323
Germany

HOME PAGE: http://www.safe-frankfurt.de

Goethe University Frankfurt - Cluster of Excellence Normative Orders ( email )

Germany

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