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A Soft Law Mechanism for Sovereign Debt Restructuring Based on the UN Principles

This chapter provides a critical overview of the steps and measures taken by the United Nations and other multilateral organizations and actors to resolve chronic sovereign indebtedness and contrasts these with private practices that distort any multilateral outcomes, chiefly vulture funds and holdout creditors. These practices are further reinforced by the courts of jurisdictions willing to entertain suits against sovereigns, notwithstanding the human rights implications and the existence of debt restructuring processes, as well as the demise of sovereign immunity in the face of such suits.