Sovereign Defaults Before Domestic Courts

"Sovereign defaults are perhaps unavoidable in the current international financial system. While efficient debt management practices and mechanisms for reducing overborrowing need to be concerived, it would border upon ignorance to shut one's eyes to the realities of soverign debt litigation. Active bondholders do not shun litigation, principallly before English and New York courts, ... . What the book seeks to achieve is to provide guidance on and fill the gaps in the many stages of sovereign debt litigation. Sovereign debt litigation is an area of law where much is yet to be discovered and where many rules are still inchoate. The entire practice of sovereign debt litigation is further confused by the fact tht sovereign defaults conflate issues of positive private law, public-law thinking, policy-fuelled reasoning, and emotional reactions. The task of any commercial judge hearing a sovereign debt dispute is all the more exacerbated by the lack of any sovereign insolvency regime proper."--Preface.