Sovereign Bonds and Lacuna in International Law

Document Type : academic


1 Associate Professor in International Law, Faculty of Law, Shahid Beheshti University, Tehran

2 Ph.D. Student of International Law, Faculty of Law Shahid Beheshti University, Tehran


Liberalization of financial services and the progressive internationalization of capital markets that were deemed to be the building blocks for a new international financial order in which inclusive economic growth and prosperity for all human beings would be achieved and financial stability would be well maintained, have paved the way for one of the biggest global financial crises i.e. Sovereign Debt Crisis. This article elaborates current debt crisis including the regulatory framework of international sovereign bond markets and the existing mechanisms proposed for orderly resolution of sovereign bond disputes and argues that the current crisis has provided ample evidence that the existing international financial order which is excessively fragmented, has failed in achieving financial stability and inclusive growth and the contractual solutions are inadequate and inefficient in restructuring sovereign bonded debts. It concludes that efficient resolution of sovereign debt crisis requires further developments in international financial regulation and more coherent and coordinated efforts to design an international legal framework governing sovereign debt workouts with a view to balance the interests of the debtor state and its population and the bondholders’ rights.


  • الف. فارسی

    ـ کتاب

    • سلطانی، محمد؛ حقوق بازار سرمایه، سمت و مرکز تحقیق و توسعه علوم انسانی دانشگاه شهید بهشتی، 1395.


    ـ مقاله

    • استیگلیتز، جوزف؛ «درس‌هایی از بحران آرژانتین»، ترجمه: رضا حریری، مجله اقتصادی، شماره 8، خرداد 1381.
    • باقری، محمود و حمید قنبری؛ «مشکلات حقوقی ناشی از بین‌المللی شدن بازارهای سرمایه و جایگاه قوانین ملی»، فصلنامه پژوهش حقوق، سال دوازدهم، شماره 29، تابستان 1389.
    • قنبری جهرمی، محمدجعفر؛ «تعریف و منابع حقوق بین‌الملل اقتصادی»، مجله تحقیقات حقوقی، شماره 25 و 26، 1378.


    ب. انگلیسی


    • Brownlie, I., Principles of Public International Law, Sixth edition. New York: Oxford University Press, 2016.
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    - Articles

    • Buchheit, L.C. & G. Mitu Gulati, “Responsible Sovereign Lending and Borrowing”, Law and Contemporary Problems, Vol. 73, 2010.
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     - Instruments

    • A/71/276, External Debt Sustainability and Development, Report of the Secretary-General, 2 August, 2016.
    • Council of the European Union, EU common position on the UN draft resolution A/69/L.84 on 'Basic Principles on Sovereign Debt Restructuring Processes, Brussels, 7 September 2015.
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    • UN General Assembly resolution 69/247, Modalities for The Intergovernmental Negotiations and The Adoption of a Multilateral Legal Framework for Sovereign Debt Restructuring Processes, A/RES/69/247, 29 December 2014.


    - Case Law

    • BVerfG, Order of the Second Senate of 08 May 2007 - 2 BvM 1/03.
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