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Baltic Journal of Law & Politics

A Journal of Vytautas Magnus University

2 Issues per year

CiteScore 2016: 0.13

SCImago Journal Rank (SJR) 2015: 0.102
Source Normalized Impact per Paper (SNIP) 2015: 0.276

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Can a Sovereign State Declare Bankruptcy?

Jurgita Grigienė / Akvilė Mockienė
Published Online: 2010-09-03 | DOI: https://doi.org/10.2478/v10076-010-0007-7

Can a Sovereign State Declare Bankruptcy?

This article examines the issue of state bankruptcy. Since there is no uniform way to deal with the issue, attention is given to different practices and guidelines of courts' reasoning(s) on the matter. In order to answer the question of legality, as well as to confirm or disconfirm the hypothesis that sovereign state can declare bankruptcy, descriptive, analytical and comparative methods are used. The article provides a historical overview of state bankruptcies. The article also explores the existing judicial regulations, addresses the absence of international law containing a uniform or a codified bankruptcy law for states, and outlines the main principles applicable to the dispute resolution between an insolvent sovereign state and its creditors. In addition, the article analyzes the circumstances which allow states to suspend or repudiate the fulfilment of international obligations.

Keywords: State; insolvency; bankruptcy; international law; insolvent state; suspension of obligation fulfilment; repudiation of obligation fulfillment

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Published Online: 2010-09-03

Published in Print: 2010-01-01

Citation Information: Baltic Journal of Law & Politics, Volume 3, Issue 1, Pages 125–140, ISSN (Online) 2029-0454, DOI: https://doi.org/10.2478/v10076-010-0007-7.

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