Necessity in the Time of Corona
11 Pages Posted: 15 Apr 2020
Date Written: April 13, 2020
Like clockwork, Argentina is once again faced with restructuring its sovereign debt. A quick resolution to the latest episode in this saga is in everyone’s favor, but a certain pandemic gripping the globe has complicated things. Now is not the time to restructure: creditors are at their most tight-fisted, and accurate economic projections are nearly impossible. The necessity doctrine provides a potential avenue for Argentina to defer debt payments and postpone its restructuring until it weathers the COVID-19 crisis.
Keywords: Argentina; necessity doctrine; COVID-19; Articles on State Responsibility; Article 25; pandemic; sovereign debt
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