The Obama administration said it was necessary to keep all of the debt collectors on the payroll to avoid disruption as borrowers tried to resolve their defaults.
Of course, courts have an array of "ordinary" preemption doctrines at their disposal even after they have resolved the default presumption issue.
Valeant Pharmaceuticals International Inc. resolved its default on some of its $30 billion in debt by filing its long-overdue U.S. financial report for 2015 on Friday.
But, in the absence of an international rule of law for resolving sovereign defaults, the world pays a higher price than it should for such restructurings.
Professor Paulus is a leading academic expert on the political and legal issues of sovereign financial distress and the author of several books, articles, and policy reports on the mechanisms of resolving sovereign defaults.
Blank entries in the ChipsId resolve to the default determined by the currency rules.
Resolving conflicts between default rules is a major subtask in performing default reasoning.
In fact, we urge you to place Peru's prospective OECD invitation on hold, at least until it reports the amount of outstanding Agrarian Reform Bond debt in its financial reporting, and resolves its ongoing default.
Another showdown two years later -- again resolved before a default -- caused investors to avoid buying some government bonds and led to higher government borrowing costs.
The Education Department agrees, and told the White House in an Oct. 1 report that Congress should change the Telephone Consumer Protection Act to allow the department's loan contractors to contact borrowers "and help them get into the right repayment plan and avoid the consequences of default or resolve their default".
Even if the immediate crises — the partial shutdown and the looming debt default — are resolved, we will still be living in a dangerous political moment.
