Sabine Michalowski's work provides a much-needed legal perspective on the topical subject of Developing World debt repayment. The volume incorporates a single debtor country, Argentina, as an example to address global questions relating to this problem. The work assesses the range of complex issues involved in the context of international as well as national law. It further examines the political pressure creditors may apply to make vulnerable countries adapt their economic and other policies in line with their wishes. These raise obvious constitutional issues for the debtor country and pose questions of whether and how the inequality of bargaining power in such situations could influence the validity of any measures taken, whether contractual or legislative. Argentina has been chosen as a case study because as a large debtor country, it represents these sorts of issues.

Sabine Michalowski's work provides a much-needed legal perspective on the topical subject of Developing World debt repayment. The volume incorporates a single debtor country, Argentina, as an example to address global questions relating to this problem. The work assesses the range of complex issues involved in the context of international as well as national law. It further examines the political pressure creditors may apply to make vulnerable countries adapt their economic and other policies in line with their wishes. These raise obvious constitutional issues for the debtor country and pose questions of whether and how the inequality of bargaining power in such situations could influence the validity of any measures taken, whether contractual or legislative. Argentina has been chosen as a case study because as a large debtor country, it represents these sorts of issues.

This book offers a distinctive critical discussion of the relationship between sovereign debt and socio-economic human rights in the context of the contemporary global neoliberal economic order, going beyond strictly 'post-crisis' approaches and emphasising the structural character and consistent growth of public and private indebtedness. It reflects on the implications of mounting debt for the actual ability of States to realise human rights in a world of escalating indebtedness, inequality and insecurity. It expands existing definitions of neoliberalism by reflecting in particular on neoliberalism's epistemological underpinnings, and provides a comprehensive and systematic analysis of the 2009 Greek debt crisis and the main elements of post-crisis developments in international and EU law, arguing that the 'neoliberalisation of law' has essentially been advanced in the wake of the Eurozone debt crisis.

This book provides a thorough legal analysis of sovereign indebtedness, examining four typologies of sovereign debt – bilateral debt, multilateral debt, syndicated debt and bonded debt – in relation to three crucial contexts: genesis, restructuring and litigation. Its treatise-style approach makes it possible to capture in a systematic manner a phenomenon characterized by high complexity and unclear boundaries. Though the analysis is mainly conducted on the basis of international law, the breadth of this topical subject has made it necessary to include other sources, such as private international law, domestic law and financial practice; moreover, references are made to international financial relations and international financial history so as to provide a more complete understanding. Although it follows the structure of a continental tractatus, the work strikes a balance between consideration of doctrinal and jurisprudential sources, making it a valuable reference work for scholars and practitioners alike.

With a focus on how trade, foreign investment, commercial arbitration and financial regulation rules affect impoverished individuals, Poverty and the International Economic Legal System examines the relationship between the legal rules of the international economic law system and states' obligations to reduce poverty. The contributors include leading practitioners, practice-oriented scholars and legal theorists, who discuss the human aspects of global economic activity without resorting to either overly dogmatic human rights approaches or technocratic economic views. The essays extend beyond development discussions by encouraging further efforts to study, improve and develop legal mechanisms for the benefit of the world's poor and challenging traditionally de-personified legal areas to engage with their real-world impacts.

This is the first volume to comprehensively and systematically study, describe, and theorize the financial obligations created and governed by public international law. Legal globalization has given rise to a number of financial issues in international law in areas as diverse as development financing, investment protection, compensation of human rights victims, and sovereign debt crises. The claims resulting from the proliferation of financial activity are not limited to those primarily involving financial obligations (e.g. loans and grants) but include secondary obligations resulting from the law on international responsibility. Among the many instances of financial obligation covered in this study, the reader will find inter-State financial transactions, inter-State sale of goods, transnational services such as telecommunications and post, the financial operations of multilateral institutions, loans, grants and guarantees provided by the various international financial institutions, certain financial relations between non-State actors (including natural persons) and States, intergovernmental organizations or other international legal actors, and government loans to international organizations. Rich in historical detail and systematic in its coverage of contemporary law, this book will be valued by all practitioners and scholars with an interest in the nature of international financial obligations.

This book considers the efficacy of transitional justice mechanisms in response to corporate human rights abuses. Corporations and other business enterprises often operate in countries affected by conflict or repressive regimes. As such, they may become involved in human rights violations and crimes under international law ‒ either as the main perpetrators or as accomplices by aiding and abetting government actors. Transitional justice mechanisms, such as trials, truth commissions, and reparations, have usually focused on abuses by state authorities or by non-state actors directly connected to the state, such as paramilitary groups. Innovative transitional justice mechanisms have, however, now started to address corporate accountability for human rights abuses and crimes under international law and have attempted to provide redress for victims. This book analyzes this development, assessing how transitional justice can provide remedies for corporate human rights abuses and crimes under international law. Canvassing a broad range of literature relating to international criminal law mechanisms, regional human rights systems, domestic courts, truth and reconciliation commissions, and land restitution programmes, this book evaluates the limitations and potential of each mechanism. Acknowledging the limited extent to which transitional justice has been able to effectively tackle the role of corporations in human rights violations and international crimes, this book nevertheless points the way towards greater engagement with corporate accountability as part of transitional justice. A valuable contribution to the literature on transitional justice and on business and human rights, this book will appeal to scholars, researchers and PhD students in these areas, as well as lawyers and other practitioners working on corporate accountability and transitional justice.

The regulation of sovereign financing is a highly topical and significant issue, in the light of continuing global financial turmoil. This book assesses the role of international law in sovereign financing, addressing this issue from both legal and economic standpoints. It takes as a starting point the recent report 'Principles on Responsible Sovereign Lending and Borrowing' by the United Nations Conference on Trade and Development (UNCTAD). This report was endorsed by the United Nations General Assembly in its December 2011 Resolution on Debt, which emphasized the need for creditors and debtors to share responsibility for preventing unsustainable debt situations and encouraged all stakeholders to pursue the ongoing discussions within the framework of the UNCTAD Initiative. Investigating the legal and economic basis for the principles which were articulated in the report, the book develops a detailed and nuanced analysis of the controversial and complex issues they raise, including those concerning finance and credit rating agencies, contingent liabilities, debt management, corruption, fiduciary relations and duties, Collective Action Clauses, and the role of the EU and UN. Ultimately, it argues that the principles elaborated in the report correspond with general principles of international law, which provide a strong, pre-existing foundation upon which to build responsible principles for sovereign financing.

According to the doctrine of odious debt, loans which are knowingly provided to subjugate or defraud the population of a debtor state are not legally binding against that state under international law. Breaking with widespread scepticism, this groundbreaking book reaffirms the original doctrine through a meticulous and definitive examination of state practice and legal history. It restates the doctrine by introducing a new classification of odious debts and defines 'odiousness' by reference to the current, much more determinate and litigated framework of existing public international law. Acknowledging that much of sovereign debt is now governed by the private law of New York and England, Jeff King explores how 'odious debts' in international law should also be regarded as contrary to public policy in private law. This book is essential reading for practising lawyers, scholars, and development and human rights workers.

''Yvonne Wong''s book is one of the best treatments of the Odious Debt problem in the literature. It is thorough, balanced and yet manages to be creative. I have already used an early version in my International Debt class and the discussions that were generated were excellent. For anyone seeking to tackle this age old problem, I highly recommend this book.'' Mitu Gulati, Duke University, US''With some excellent historical research and important analysis of "odious debt" accumulation and sovereign debt restructuring mechanisms in modern times, this book is placing the issue of "odious debt" at the heart of International law. Thus, it will prove an indispensable companion to any scholar or policy-maker who wishes to gain a multi-prismatic understanding of "odious debt" illegality and its implications for the welfare of entire nations.'' Emilios Avgouleas, University of Edinburgh, UK''Whenever a strict application of the law produces a result that is at variance with a general sense of what is morally right, trouble is surely in the offing. This is the central thesis of Yvonne Wong''s Sovereign Finance and the Poverty of Nations. When is it legally permissible, when is it ethically acceptable, for a sovereign borrower to disavow a debt incurred in the name of the sovereign state, but not for its (or its citizens'') benefit? And if debts incurred by unscrupulous politicians in one era can be disowned by their successors later on under gauzy notions of "illegitimacy" or "odiousness", what will prevent future unscrupulous politicians from casually dishonoring sovereign obligations that they would just prefer not to pay? These are deep waters, legally and morally. Wong has given us a fascinating insight into one of the most disquieting issues in international financial law.'' Lee C. Buchheit, Cleary Gottlieb Steen & Hamilton LLP, US''This book provides a very valuable contribution to the discussion about odious debts in that it, quite successfully, structures the often rather elusive argumentation. By developing a new and stringent approach to the emergence of a valid legal concept of odious debts, the author presents a fresh perspective to its underlying evaluations and allows, thus, a re-consideration of the need for effective rules in this context. This book will certainly influence fundamentally the future debate of odious debts.'' Christoph G. Paulus, Humboldt-Universitat zu Berlin, Germany''Saddam Hussein was overthrown and executed, but his successors to power are still liable for the debts that he contracted for the nation. Odious regimes can create debts without consent or benefit of their citizens who must subsequently repay them. This fact puzzles both international law specialists and intellectuals who read magazines like The Economist. Theresult seems wrong, but the right solution is elusive. Yvonne Wong''s important and timely book solves some of the puzzles by using methods and theories from international law, economics, and political science. It explains the law and politics inherent in sovereign debt arrangements, and proposes a new legal framework for odious debt.'' From the foreword by Robert CooterNational debts incurred by illegitimate regimes against the best interests of the citizens is a serious problem of international economics and politics. These sovereign debts, often referred to as odious debts, deplete the public purse and create an ongoing financial liability that serves to constrain investment and economic growth, and conspires to keep millions in poverty. This important and timely book explains the legal principles and politics involved in the issue of odious debts, and sovereign debt arrangements more generally. The author goes beyond abstract arguments and proposes legal rules and international regulation that should be put in place to create the right incentives to stop the transmission of odious debts. Her proposal is for a registration scheme for sovereign debt, and the imposition of positive duties on financiers who provide loans to sovereign borrowers.Sovereign Finance and the Poverty of Nations will appeal to students, academics, debtactivists, policymakers, international finance practitioners and anyone with a general interest in sovereign finance affairs.