Concluding Remarks in the Light of International Law
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Description
This concluding chapter underlines two contributions of the PRLSB to the international normative order concerning sovereign debt. The first contribution of the PRLSB is to qualify or limit a sovereign debtor’s obligation to repay the debt in full, where there is a situation of economic necessity. The second is to contribute to the evolution of the odious debt doctrine by establishing the norm that valid sovereign debt obligations are those contracted by publically interested state officials for purposes of serving the public good. Neither of these contributions depends on the Principles themselves being transformed into a hard law international instrument such as a treaty or acquiring the status of custom. Rather the Principles offer new normative tools for reshaping legal relations between sovereign debtors and both official and private creditors in the absence of a centralized international institution or tribunal.
Source Publication
Sovereign Financing and International Law: The UNCTAD Principles on Responsible Sovereign Lending and Borrowing
Source Editors/Authors
Carlos D. Espósito, Yuefen Li, Juan Pablo Bohoslavsky
Publication Date
2013
Recommended Citation
Howse, Robert L., "Concluding Remarks in the Light of International Law" (2013). Faculty Chapters. 847.
https://gretchen.law.nyu.edu/fac-chapt/847
