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Part II Enforcement of Sovereign Debt, 11 Creditors’ Remedies »

W. Mark C. Weidemaier, Ryan McCarl
From: Sovereign Debt Management
Edited By: Rosa M Lastra, Lee Buchheit
Asking a [sovereign] borrower to submit his fate to a judge sitting in New York or London, therefore, is sometimes viewed as equivalent to a suggestion that a mother drop her child off at King Herod’s day-care centre. (Lee C. Buchheit, How to Negotiate Eurocurrency Loan Agreements,2nd edn, London: Euromoney, 2006, 134) 11.01 Courts in New York, London, and other major financial centres are not known for their solicitude to borrowers who have failed to repay loans. This is as true for sovereign borrowers as for private borrowers; hence Lee Buchheit’s memorable...