@article{2019:menkes:icma_isda,
title = {ICMA, ISDA, Sovereign Debt Restructuring and the Rule of Law},
year = {2019},
note = {Legal analysis of sovereign  debt restructuring highlights adherence
to the Rule of Law standards by debtor-states, creditors and major
international financial organizations. Without prejudice to great
value of such works, they offer only a compartmentalised perspective.
The restructuring talks are more complex, as they involve a myriad of
public, private and hybrid bodies. Accordingly, the existing research
gap with regard to international law and public interest of
debtor-states cannot be filled by echoing earlier arguments. In order
to prevent further deepening of mistrust between sector insiders and
outsiders, this article offers an instrument for straightening accrued
misconceptions and allows to begins the quest for the new normative
framework. First the normative characteristics and governance of ISDA
and ICMA, their involvement in sovereign defaults and debt
restructuring, and adherence to the Rule of Law principle are
discussed. Against this background it offers more general
considerations with regard to normative expectations towards private
and hybrid bodies involvement in sovereign debt restructuring.},
journal = {ZEuS Zeitschrift für Europarechtliche Studien},
pages = {407--428},
author = {Menkes, Marcin},
volume = {22},
number = {3}
}