Pari passu clauses were deliberately crafted to gain an upper hand in sovereign bankruptcy disputes brought to the London stock exchange’s jurisdiction
history
Pari passu clauses were deliberately crafted to gain an upper hand in sovereign bankruptcy disputes brought to the London stock exchange’s jurisdiction
Few persons, even legal scholars, realize that sovereign bankruptcy has a long history. Far from a pie-in-the-sky scheme conceived in the 1980s by international lawyers such as Christopher Oeschli and economists such as Jeffrey Sachs that later inspired the failed IMF Krueger proposal for a sovereign debt restructuring mechanism, the concept of sovereign debt bankruptcy and discharge (write-off) has an ancient and little known history. My new INET working paper sets out this history for the first time.
The great question of America’s twenty-year war in Afghanistan was not whether the Afghans were fit for democracy. It was whether democratic values were strong enough in the US to be projected onto a traumatized society seven thousand miles away. Those values include the accountability of the people in power, the consistent and universal application […]
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From Partygate to Trussomics, the death of the Monarch, and the humiliation of Vladimir Putin, OttoEnglish's review of the year takes us on a roller coaster of major fails and meteoric falls
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