International Investment Law and the Global Financial Architecture
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International Investment Law and the Global Financial Architecture

Edited by Christian J. Tams, Stephan W. Schill and Rainer Hofmann

This book explores whether investment law should protect against such regulatory measures, including where these have the support of multilateral institutions. It considers where the line should be drawn between legitimate regulation and undue interference with investor rights and, equally importantly, who draws it.
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Chapter 4: Police powers of the state in sovereign debt restructurings

Hayk Kupelyants

Abstract

The chapter examines the right of States to unilaterally modify their debt obligations in the context of sovereign debt restructurings. Drawing on the national case law on the unilateral modifications of domestic debt, the chapter argues that the States entering into sovereign bonds act in a private capacity and have limited police powers to modify the private obligations in a unilateral manner. The chapter also considers the powers of the State to modify private-to-private debt obligations and the debt entered into by quasi-public entities. Keywords: sovereign debt restructurings, domestic debt

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