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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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greece a hypothetical solution along the lines of the rule of law

Greece – a hypotheticalsolutionalongthelinesoftheruleoflaw

Prof. Dr. Christoph G. Paulus LL.M. (Berkeley)

the big temptation
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)

historical overview i
Historical Overview I
  • Long lastinghistorygoes back intorepublicanRomeand post-classicalHellenism
  • solutions – internal:
    • Inflation
    • taxincrease
    • compulsoryloans
    • but: capitalflight

Prof. Dr. Christoph G. Paulus LL.M. (Berkeley)

historical overview ii
Historical Overview II
  • solutions – external:
    • canonboatpolicy
    • Paris Club
    • London Club
    • negotiations
    • SDRM
    • Collective Action Clauses
    • ESM

Prof. Dr. Christoph G. Paulus LL.M. (Berkeley)

resolvency proceeding
Resolvency Proceeding
  • Terminology
  • threerequirements
    • Contractualclause
    • resolvency court
    • rulesofprocedure

Prof. Dr. Christoph G. Paulus LL.M. (Berkeley)

contractual c lause
ContractualClause
  • since 2003 CACs are a kindof global standard
  • threecategoriesoflenders
    • States
    • private banks
    • Private sector (PSI)

Prof. Dr. Christoph G. Paulus LL.M. (Berkeley)

resolvency c ourt
Resolvency Court
  • politiciansasdeciders -> conflictofinterests
  • Neutral instance
    • President
    • poolofjudges: diversification, limited amount
    • nomination

Prof. Dr. Christoph G. Paulus LL.M. (Berkeley)

procedural rules i
Procedural Rules I
  • petition
  • presentationof plan
  • appointmentofjudges
  • controlsupportedby IMF
    • test: fair andreasonable?
  • refusaloracceptance
  • formationofgroups + creditors‘ organization

Prof. Dr. Christoph G. Paulus LL.M. (Berkeley)

procedural rules ii
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)

future
Future
  • Europe asguidefortheglobe
  • German coalitionagreementfrom 2009
  • Swiss ideafrom 2012; Scotland
  • symboliclegislation

Prof. Dr. Christoph G. Paulus LL.M. (Berkeley)