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Max Planck Encyclopedia of Public International Law [MPEPIL]

State Bankruptcy

Jörn Axel Kämmerer

From: Oxford Public International Law (http://opil.ouplaw.com). (c) Oxford University Press, 2021. All Rights Reserved.date: 25 June 2021

Debts — Loans — Foreign relations law — Responsibility of states

Published under the auspices of the Max Planck Institute for Comparative Public Law and International Law under the direction of Professor Anne Peters (2021–) and Professor Rüdiger Wolfrum (2004–2020). 

1 ‘State bankruptcy’ and also ‘State insolvency’ have occurred throughout the history of international affairs (see Manes 12–13, 32–33; Liehr). Public international law does not provide for abstract rules on State insolvency at present. The absence of the aforesaid notions in its binding legal documents can be attributed to an unwillingness of sovereign States to admit the existence of a status which necessarily entails interference with sovereign rights. As will be shown, disagreement on the necessity, or at least the shape of general rules of procedure to apply...
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