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Responsible sovereign lending and borrowing as a response to the current and future financial and political crises,[object Object],CIMA, Euro-Mediterranean Forum , KadirHas University,[object Object],Istanbul, 13-15 April 2011,[object Object],George Papadopoulos, ,[object Object],Attorney at Law, ,[object Object],PhD cand. LL.M. (Univ. of Athens), ,[object Object],LL.M. (Univ. of  Cambridge),[object Object]
“In finance, everything that is agreeable is unsound and everything that is sound is disagreeable”,[object Object],Winston Churchill, 15 March 1926,[object Object]
Sovereign debt. A factor of the current financial and political crisis,[object Object],Excessive borrowing and mismanagement of public funds,[object Object],Odious debts and financing of autocratic regimes,[object Object]
Distinguishing features of sovereign debt,[object Object],Features of sovereign debt that put responsible lending and borrowing at risk,[object Object],Intergenerational tensions,[object Object],Mixed motives for lenders,[object Object],Legal immunity ,[object Object],Features of sovereign debt that (should) encourage responsible lending and borrowing,[object Object],Fiduciary duties,[object Object]
Responsible sovereign lending   and borrowing as a response to the present and future financial and political crises
Responsible sovereign lending,[object Object],Realistic assessment of the borrower’s creditworthiness and its ability to repay the loan,[object Object],Duty to inform and advise ,[object Object],Due diligence,[object Object],Human rights considerations (cf. Equator Principles),[object Object],International law,[object Object]
Responsible sovereign borrowing,[object Object],Disclosure (Cf. IMF’s Special Data Dissemination Standard ),[object Object],Rule of law,[object Object]
Best practices (A),[object Object],Debt Management Offices ,[object Object],External Audit Mechanism,[object Object],Independency (cf. INTOSAI’s Mexico Declaration),[object Object],Competence,[object Object],Auditing disclosed debt information,[object Object],Commenting on the fiscal and economic implications,[object Object],Control of the legality and regularity of financial management and accounting,[object Object],Performance audit (“value for money” audit; the 3Es),[object Object]
Best practices (B),[object Object],Contract Drafting,[object Object],Exit consent,[object Object],Collective Action Clauses (CACs),[object Object],Pro rata sharing clauses,[object Object],Non-acceleration or no-action clauses,[object Object],Collective representation or engagement clauses ,[object Object],Reframing paripassuclauses,[object Object]
Responsible sovereign lending and borrowing principles in the context of debt renegotiations,[object Object],Factual and legal obstacles,[object Object],Possible solutions,[object Object],Reexamining the role of Credit Rating Agencies (CRAs) ,[object Object],Through the Paris Club,[object Object]
Legal Defences,[object Object],Breach of duty to inform and advise,[object Object],Breach of fiduciary duties,[object Object],Corruption and fraud,[object Object],Unclean hands – Abuse of right,[object Object]
George PapadopoulosPhD (cand.), LL.M. (Univ. of Athens), LL.M. (Univ. of Cambridge) Contact: george-papadopoulos@cantab.net,[object Object]

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Responsible sovereign lending and borrowing as a response to the present and future financial and political crises

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