Suchergebnisse

Este artículo se centra en un área específica de los escritos de Kelsen, reevaluada por Paolo Carrozza: la Stufenbau, la estructura piramidal para el ordenamiento de las fuentes del derecho. La Sección Uno examina la teoría jerárquica formal de las fuentes del derecho. La Sección Dos aborda la relevancia práctica de esta teoría con respecto a las fuentes híbridas o privadas en el campo del derecho de la reestructuración de la deuda soberana. Y la Sección Tres alude al surgimiento de una ley blanda derivada de las autoridades públicas, en el área de la regulación financiera.Recibido: 11 mayo 2019Aceptado: 21 junio 2019Publicación en línea: 31 julio 2019

Giuseppe Martinico, joven «García Pelayo» fellow en el Centro de Estudios Políticos y Constitucionales de Madrid, ha publicado esta última obra en diciembre 2011. Se trata del resultado de años de investigación y de reflexiones presentadas en artículos precedentes y ponencias en diversas universidades europeas. Es un libro muy fluido, con un razonamiento claro, que va desde el principio hasta el final

Among the measures adopted to tackle the financial crisis in Europe, part of the sovereign debt of the Greek government was restructured in early 2012.The current Greek predicament bears a significant resemblance with Argentina's situation after the 2001 economic crisis. Its sovereign debt restructuring has been challenged before an investment arbitral tribunal by a group of Italian bondholders, who have thus far succeeded at the jurisdictional phase. The Abaclat and others v. Argentina case is the first International Centre for Settlement of Investment Disputes (ICSID) arbitration which deals with a sovereign debt workout. Albeit the award on the merits is still pending, the importance of the dispute cannot be overestimated. It signals a new forum bondholders could use, when they do not participate in an exchange, to still seek to obtain their interest and capital from the debtor State. This article aims at assessing the possibility of analogous developments for Greece, and potentially other Eurozone countries which might need to restructure their debt in the near future. To do so, it compares the historical unravelling of the crises in Argentina and in the Eurozone. It then offers a careful analysis of the recent arbitral decision in the Abaclat case. Finally, it evaluates the potential risks for the Eurozone and reviews several options for action at the European level.

This working paper examines the institutional reaction to the sovereign debt crisis in Europe. The response has so far consisted of three new financial mechanisms: the European Financial Stabilisation Mechanism, the European Financial Stability Facility, and the European Stability Mechanism. These have each a different legal basis and a specific regime. They display a varying degree of compatibility with EU law. The institutional quick fix employed by Eurozone countries was essentially a resort to private law and traditional international law techniques. This constitutes a setback from the evolution of the EU, at the expense mainly of the European Parliament and the Court of Justice.