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Some Thoughts on a n Insolvency Procedure for Countries

Some Thoughts on a n Insolvency Procedure for Countries CHRISTOPH G. PAULUS Som e Thought s o n a n Insolvenc y Procedur e fo r Countries I. OUTLINE OF THE PROBLEM th The events of September 11 , 2001 have disclosed a coherence which Germany's Foreign Minister Fischer described as follows: "If we do not take care of th e world's problems, then the problems will come to us." This sentence implies the recognition tha t the approxi­ mately 200 nations on thi s eart h form something like a global village - a village wit h no possibility of escape. In view of thi s conclusion, th e question arises whethe r th e living togethe r in thi s village is regulated by adequate rules, i.e., rules tha t are suitable for future use. The an­ swer to this question has a potentially fundamental significance which cannot be currently assessed. This is, however, not tru e for the area which is set forth in this article - the debt crisis of th e world's poorest countries (especially those in the Third World). The problems have been known for a long time. Debtors, creditors, a s well as inter­ national organizations, such as, e.g., the International http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png American Journal of Comparative Law Oxford University Press

Some Thoughts on a n Insolvency Procedure for Countries

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Publisher
Oxford University Press
Copyright
© 2002 by The American Society of Comparative Law, Inc.
ISSN
0002-919X
eISSN
2326-9197
DOI
10.2307/841061
Publisher site
See Article on Publisher Site

Abstract

CHRISTOPH G. PAULUS Som e Thought s o n a n Insolvenc y Procedur e fo r Countries I. OUTLINE OF THE PROBLEM th The events of September 11 , 2001 have disclosed a coherence which Germany's Foreign Minister Fischer described as follows: "If we do not take care of th e world's problems, then the problems will come to us." This sentence implies the recognition tha t the approxi­ mately 200 nations on thi s eart h form something like a global village - a village wit h no possibility of escape. In view of thi s conclusion, th e question arises whethe r th e living togethe r in thi s village is regulated by adequate rules, i.e., rules tha t are suitable for future use. The an­ swer to this question has a potentially fundamental significance which cannot be currently assessed. This is, however, not tru e for the area which is set forth in this article - the debt crisis of th e world's poorest countries (especially those in the Third World). The problems have been known for a long time. Debtors, creditors, a s well as inter­ national organizations, such as, e.g., the International

Journal

American Journal of Comparative LawOxford University Press

Published: Jul 1, 2002

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