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1 Theoretical Underpinnings of Sovereign Debt

From: Sovereign Defaults Before Domestic Courts

Hayk Kupelyants

From: Oxford Legal Research Library (http://olrl.ouplaw.com). (c) Oxford University Press, 2022. All Rights Reserved.date: 27 November 2022

Debt — Sovereign debt

Chapter 1 sets out the theoretical underpinnings of sovereign borrowing and litigation. It first examines the dual nature of sovereign debt that may be characterised as either private or public, and as either bilateral or multilateral. The chapter then analyses to what extent broader public policy arguments may successfully be adduced in sovereign debt litigation. The chapter also considers the extent to which the concept of insolvency can meaningfully be extrapolated to sovereign bankruptcies and whether the considerations of international comity may be adduced in sovereign debt litigation. Lastly, the chapter considers the role of financial markets as the regulators of sovereign debt disputes.

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