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Sovereign Defaults before International Courts and Tribunals

$134.00 (C)

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Part of Cambridge Studies in International and Comparative Law

  • Author: Michael Waibel, Lauterpacht Centre for International Law, University of Cambridge
  • Date Published: June 2011
  • availability: In stock
  • format: Hardback
  • isbn: 9780521196994

$ 134.00 (C)
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About the Authors
  • International law on sovereign defaults is underdeveloped because States have largely refrained from adjudicating disputes arising out of public debt. The looming new wave of sovereign defaults is likely to shift dispute resolution away from national courts to international tribunals and transform the current regime for restructuring sovereign debt. Michael Waibel assesses how international tribunals balance creditor claims and sovereign capacity to pay across time. The history of adjudicating sovereign defaults internationally over the last 150 years offers a rich repository of experience for future cases: US state defaults, quasi-receiverships in the Dominican Republic and Ottoman Empire, the Venezuela Preferential Case, the Soviet repudiation in 1917, the League of Nations, the World War Foreign Debt Commission, Germany's 30-year restructuring after 1918 and ICSID arbitration on Argentina's default in 2001. The remarkable continuity in international practice and jurisprudence suggests avenues for building durable institutions capable of resolving future sovereign defaults.

    • Explores the challenges involved in building durable dispute settlement institutions capable of resolving sovereign defaults across 150 years
    • Assesses ICSID arbitration on sovereign debt, a hotly contested area of investment arbitration after Argentina's default in 2001
    • Evaluates the strength of creditor rights internationally against defaulting states, allowing investors and financial analysts to estimate recovery values
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    Awards

    • Winner of the 2012 ESIL Book Prize

    Reviews & endorsements

    "Michael Waibel's book is a timely, elegant, and rich study of the adjudication of sovereign defaults by international courts and tribunals … In a world in which the law of sovereign debt is in need of serious development, Sovereign Defaults before International Courts and Tribunals is a fine and enduring piece of scholarship, which will be crucial in framing the discussion of the adjudication of sovereign defaults for years to come."
    Carlos Espósito, University Autonoma of Madrid, European Journal of International Law

    "Sovereign Defaults [before International Courts and Tribunals] is comprehensible enough to be read by students yet comprehensive enough to provide new insights into public debt restructuring for even experienced scholars. Lawyers and historians alike will find something new in its pages … Waibel's study is careful, useful and helps inform the debate in this increasingly vital policy arena."
    John A. E. Pottow and Emily Himes Iversen, Banking and Finance Law Review

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    Product details

    • Date Published: June 2011
    • format: Hardback
    • isbn: 9780521196994
    • length: 421 pages
    • dimensions: 235 x 157 x 24 mm
    • weight: 0.77kg
    • availability: In stock
  • Table of Contents

    1. Sovereign debt crises and defaults
    2. Political responses to sovereign defaults
    3. Quasi-receivership of highly indebted countries
    4. Monetary reform and sovereign debt
    5. Financial necessity
    6. National settlement institutions
    7. Arbitration on sovereign debt
    8. Arbitration clauses in sovereign debt instruments
    9. Creditor protection in international law
    10. ICSID arbitration on sovereign debt
    11. Overlapping jurisdiction over sovereign debt
    12. Sovereign default as trigger of responsibility
    13. Compensation on sovereign debt
    14. Building durable institutions for adjudicating sovereign defaults.

  • Author

    Michael Waibel, Lauterpacht Centre for International Law, University of Cambridge
    Michael Waibel is a University Lecturer at the University of Cambridge and the Lauterpacht Centre for International Law. His main research interests are public international law, international economic law with a particular focus on finance and the settlement of international disputes. He teaches international law, WTO law and European Union law. Dr Waibel holds Mag. iur. and Dr. iur. degrees from the Universität Wien, an MSc (Econ.) from the London School of Economics and Political Science and an LLM from Harvard Law School. He is admitted to the New York bar and holds a diploma of the Hague Academy of International Law. He has also worked for the European Central Bank, the International Monetary Fund and the World Bank.

    Awards

    • Winner of the 2012 ESIL Book Prize

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