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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
American Journal of Comparative Law – Oxford University Press
Published: Jul 1, 2002
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