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• W83645187 abstract "I INTRODUCTION The world is now facing a global financial crisis that has put the whole international system of payments at serious risk and will probably affect global growth over the coming years. This situation has mobilized international organizations, governments, central banks, and supervisory banking authorities from all over the world, and many commentators have identified commonalities between the current crisis and that of 1929. It is not necessary go so far back, however, draw historical parallels: the Latin American debt crisis, initiated in 1982 with Mexico's default, had similar characteristics. At that time, the nine largest U.S. banks had exposures countries with debt-servicing problems equal over two hundred percent of their primary capital, (1) and the International Monetary Fund (IMF) described the situation as a crisis of the international system of payments as a whole. (2) That crisis prompted international organizations like the IMF and the World Bank grant specific facilities debtor countries, and national authorities approve legislative responses like the International Lending Supervision Act (3) in the United States. Today the problem also involves commercial banks' assets, but this time the troubled debtors are not governments or foreign agencies, but banks and private customers. Domestic authorities are--as during the Latin American debt crisis--taking some actions reduce systemic spillovers, but with unprecedented measures such as introducing guarantees for bank deposits (unlimited in some cases, as in Ireland), (4) temporarily nationalizing commercial banks, and increasing deposit-insurance coverage. Central banks have also developed unconventional measures, mainly reducing interest rates near zero percent and extending new liquidity instruments banks. For example, the U.S. Federal Reserve Board, in addition reducing the Federal Funds Rate, authorized the purchase of up $100 billion in debt issued by the housing-related, government-sponsored enterprises, and up $500 billion in agency-guaranteed, mortgage-backed securities, as well as the creation of the Term-Asset-Backed Securities Loan Facility. (5) Today, as during the Latin American debt crisis, public powers are taking the initiative intervene exceptionally in markets in the name of the public interest (that is, protect the economy from systemic risk). In some countries, like the United Kingdom, the financial packages launched by the government protect commercial banks from the impact of the international crisis were not from being suspected as noncompetitive measures that violated European law. (6) In October 2008, the European Commission issued a clarification dispel any doubt about the legality of government schemes that proliferated across Europe. According this communique, these actions could be understood as aid to remedy a serious disturbance in the economy of a Member State under Article 87(3)(b) of the European Community Treaty. (7) During the Latin American debt crisis, the international community sought strike a balance between global and individual interests. Debtor states took the initiative globally renegotiate the external debt of the whole public sector (that is, central government, agencies, and state-owned companies), including, in some cases, a portion of the external private debt with the support of international organizations and creditor banks' governments. These operations implicitly replaced a variety of original loan agreements with a new global restructuring agreement. However, a few creditors did not participate in the global scheme and decided initiate legal actions based on the original terms of the agreements? Thus, national courts had decide whether global packages modifying original loan agreements supported by creditor and debtor states (and a substantial majority of commercial banks) should prevail over the individual interests of free riders. …" @default.
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• W83645187 date "2010-09-22" @default.
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• W83645187 title "Peru’s Experience in Sovereign Debt Management and Litigation: Some Lessons for the Legal Approach to Sovereign Indebtedness" @default.
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