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- Title
WHEN BAD THINGS HAPPEN TO GOOD SOVEREIGN DEBT CONTRACTS: THE CASE OF ECUADOR.
- Authors
Porzecanski, Arturo C.
- Abstract
The article focuses on the case of Ecuador, in which it illustrates the country's repudiation of its debt. It states that the country's government have defaulted nine times on foreign-currency bonds and many times to foreign commercial-bank creditors and others, such that the sovereign has been in default for at least 109 out of the last 184 years. It mentions that lawyers, bankers, analysts, and investors are best advised to heed, despite decades of innovations in international-loan and bond contracts involving sovereign financial obligations. Meanwhile, it cites the International Centre for Settlement of Investment Disputes (ICSID) where filed contract claims are increasing.
- Subjects
ECUADOR; PUBLIC debts; REPUDIATION (Public finance); STATE bankruptcy; DEFAULT (Finance); INTERNATIONAL finance; COMMERCIAL credit; COMMERCE
- Publication
Law & Contemporary Problems, 2010, Vol 73, Issue 4, p251
- ISSN
0023-9186
- Publication type
Article