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Greece – a hypothetical solution along the lines of the rule of law

Greece – a hypothetical solution along the lines of the rule of law. The big temptation. loans vs. taxes purchase : antiquity vs. modernity State financing : taxes vs. Loans a win - win -situation but: „ medicin turns into poison “ consequence : need for discipline

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Greece – a hypothetical solution along the lines of the rule of law

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  1. Greece – a hypotheticalsolutionalongthelinesoftheruleoflaw Prof. Dr. Christoph G. Paulus LL.M. (Berkeley)

  2. The bigtemptation • loans vs. taxes • purchase: antiquity vs. modernity • State financing: taxes vs. Loans • awin-win-situation • but: „medicinturnsintopoison“ consequence: needfordiscipline note: Odiousdebtsandresponsible bilateral lendingandborrowing Prof. Dr. Christoph G. Paulus LL.M. (Berkeley)

  3. Historical Overview I • Long lastinghistorygoes back intorepublicanRomeand post-classicalHellenism • solutions – internal: • Inflation • taxincrease • compulsoryloans • but: capitalflight Prof. Dr. Christoph G. Paulus LL.M. (Berkeley)

  4. Historical Overview II • solutions – external: • canonboatpolicy • Paris Club • London Club • negotiations • SDRM • Collective Action Clauses • ESM Prof. Dr. Christoph G. Paulus LL.M. (Berkeley)

  5. Resolvency Proceeding • Terminology • threerequirements • Contractualclause • resolvency court • rulesofprocedure Prof. Dr. Christoph G. Paulus LL.M. (Berkeley)

  6. ContractualClause • since 2003 CACs are a kindof global standard • threecategoriesoflenders • States • private banks • Private sector (PSI) Prof. Dr. Christoph G. Paulus LL.M. (Berkeley)

  7. Resolvency Court • politiciansasdeciders -> conflictofinterests • Neutral instance • President • poolofjudges: diversification, limited amount • nomination Prof. Dr. Christoph G. Paulus LL.M. (Berkeley)

  8. Procedural Rules I • petition • presentationof plan • appointmentofjudges • controlsupportedby IMF • test: fair andreasonable? • refusaloracceptance • formationofgroups + creditors‘ organization Prof. Dr. Christoph G. Paulus LL.M. (Berkeley)

  9. Procedural Rules II • competencesofthecourt • Controlofthe original plan • Surveillance • claimsverification • disputeresolution, mediation • duration • voting • rejection repetition • acceptance  ongoingcontrol Prof. Dr. Christoph G. Paulus LL.M. (Berkeley)

  10. Future • Europe asguidefortheglobe • German coalitionagreementfrom 2009 • Swiss ideafrom 2012; Scotland • symboliclegislation Prof. Dr. Christoph G. Paulus LL.M. (Berkeley)

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