Tracing the law of sovereign debt within and beyond the state

Defence date: 22 January 2014Examining Board: Professor Dennis Patterson, European University Institute Professor Petros Constantinos Mavroidis, European University Institute Professor Georgios Pavlakos, University of Antwerp Professor Mathias Audit, Université Paris Ouest-Nanterre La Défense.Co-laureate of the Grand Prix Jean Bastin in 2015This thesis guides the reader through contemporary problems of the law of sovereign debt and default. Adopting a horizontal approach to the field, the state in its double role of being a borrower from the market and a regulator of the market remains at the center of this inquiry. How do problems related to sovereign debt challenge state institutions, constitutional principles and even the very concept of statehood? What kind of tools does the state have at its disposal to address these problems? Can the state improve both, its own role as a borrower and the overall functioning of the sovereign debt market? These are the core questions discussed in this thesis on the basis of numerous examples. A detailed analysis of the practice of sovereign debt is followed by an account of case law primarily from municipal courts dealing with sovereign debt disputes. The IMF's 'bailouts' are reviewed in the light of the constitutions of the recipient states before in a last chapter, a full account of the Euro crisis and its particularities is given. All these examples show strengths and weaknesses of the state's role as borrower and regulator and ultimately indicate where and how the law of sovereign debt can be improved