The present special issue is a cooperation of the Yale Journal of International Law and the United Nations Conference on Trade and Development (UNCTAD). The special issue assembles articles that propose, and critically reflect on, the incremental approach to sovereign debt restructuring which has gained currency in the United Nations. As many experts have pointed out, sovereign debt restructuring are currently haunted by the problem of “too little, too late.” However, the political momentum necessary to adopt an international treaty seems to be lacking. Contractual solutions (e.g. collective action clauses) have gaping loopholes, despite some practical success. The incremental approach proposes a new progressive agenda. It aims at bringing sovereign debt restructuring practice gradually in line with a set of generally accepted international legal principles, including the principles of sovereign debt sustainability, good faith, legitimacy, impartiality, and human rights. The special issue, curated by Juan Pablo Bohoslavsky (UN Independent Expert on Foreign Debt and Human Rights) and Matthias Goldmann (Goethe University Frankfurt and Max Planck Institute of Comparative Public Law and International Law), includes contributions by Daniel Bradlow, Anna Gelpern, Jan Klabbers, Odette Lienau, Michael Riegner, and the guest editors.
The full version of the Special Edition can be found here.
Written by Stephanie Blackenburg & Richard Kozul Wright
Written by Juan Pablo Bohoslavsky & Matthias Goldmann
An Incremental Approach to Sovereign Debt Restructuring: Sovereign Debt
Written by Juan Pablo Bohoslavsky & Matthias Goldmann
Written by Anna Gelpern
Legitimacy and Impartiality as Basic Principles for Sovereign Debt Restructuring
Written by Odette Lienau
Putting Your Faith in Good Faith: A Principled Strategy for Smoother Debt Workouts
Written by Matthias Goldmann
Legal Frameworks and General Principles for Indicators in Sovereign Debt Restructuring
Written by Michael Riegner
Economic Inequality, Debt Crises and Human Rights
Written by Juan Pablo Bohoslavsky
Written by Daniel D. Bradlow
On Functions and Finance: Sovereign Debt Workouts and Equality in International Organizations Law
Written by Jan Klabbers