The Institutional Foundations of Public Policy (original) (raw)
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COPYRIGHT NOTICE: No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, without the prior permission in writing of the publisher, except for reading and browsing via the World Wide Web. Users are not permitted to share this file though any network server. OUP UNCORRECTED PROOF-FINALS, 10/2/2010, SPi 'Life before debt' (Reuters, 2009). The need to discuss sovereign insolvency highlights another characteristic of sovereign lending, namely, that to speak of a 'bankrupt' government is to use a metaphor. Sovereign debts are unlike any other. Creditors cannot force an insolvent government to be wound up or take possession of its remaining assets. 3 There is no internationally endorsed system of law or procedure for how to address sovereign bankruptcy. In fact, jurisdictions differ in the legal specifics of how to handle a sovereign's default. Private foreign creditors of a defaulted sovereign can go 'forum shopping' to find the most creditor friendly
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