A bankruptcy regime is a central part of each national financial system. Yet no regime exists for insolvent sovereigns. As a result too much capital flows into poor countries in good times and is often repaid at the expense of the basic human rights of the poor in these countries in bad times. This paper examines the case for a sovereign insolvency regime, and considers Chapter 9 of the US Bankruptcy Code as a model for such a regime.
Date of this Version
Ross P. Buckley, "The Bankruptcy of Nations: Let the Law Reflect Reality" (June 2009). University of New South Wales Faculty of Law Research Series 2009. Working Paper 20.