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Exact(7)
In short, the sanctity of contract was never much to begin with in times of financial distress, and sovereigns will undoubtedly default again.
If the proposal fails, he said, there is the danger that "the problematic link between banks and sovereigns will actually have been reinforced, not weakened".
The article proposes that credible restraints be placed on IMF and official lending since without such constraints sovereigns will not have sufficient incentives to restructure.
For as long as bond yields are high and growth is poor, sovereigns will face doubt about their capacity to service their debt and banks will see loans go bad.
By reserving to Congress the ultimate authority to determine intergovernmental immunities, he concludes, courts have ensured that the interests of the states as separate sovereigns will receive due weight in the formulation of national policy.
In the meantime, however, sovereigns will occasionally find themselves in financial distress and their debts will occasionally need to be restructured.
Similar(53)
The sovereign will of the Scottish people has been heard.
Darling retorted that "yes there is the sovereign will of the Scottish people but there is also the sovereign will of the rest of UK".
Governments that are merely sovereign will leave the peace process hostage to sociopaths.
We hope the legitimate sovereign will of the Ukrainian government will be successful.
Sovereign will exchange $16.10 in a combination of Sovereign stock and cash for each share of Main Street, Sovereign said.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com