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State Bankruptcy as an Institution of International Law: Analysis of European Legal Realities

The current European debt crisis keeps being a major threat both for regional and global economy. An instance of a bankruptcy of one country together with direct consequences arises potential "domino effect" which will affect entire region.
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However it is obvious now that a number of European countries are incapable to pay their bills and desperate efforts of EU leadership to cure them are nothing else but refinancing the debt which eventually just increases the problem in scale. Most attempts to generate any legal mechanism resolving or avoiding sovereign debt crisis failed or brought little outcome due to number of complicated political and economical reasons with the same reasons giving little hope such attempts might succeed in foreseeable future. Therefore it is high time to start systematic research on state bankruptcy issues. Furthermore as far as numerous non-EU states are placing their bonds on EU stocks and thus are subordinating their regime to EU rules, such research might have global applicability. One of the latest examples of the situation described above that will potentially affect the development of state bankruptcy regulation is the Ukrainian debt case, when this country stopped serving debts and repayment of bonds placed on Irish stock exchange and bought out by Russian Federation in the end of 2013.

Troitskiy V. (2016) State Bankruptcy as an Institution of International Law. International public and private law. ISSN: 1812-3910. N 6. 2016 P.6-9.

Full version of this article is available on this website in Russian here.

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