Argentina's Sovereign Debt's Crisis before Different Fora

AuthorAgustina Noeli Vazquez
PositionFinanciamiento Internacional Ministerio de Trabajo, Empleo y Seguridad Social, Argentina
European and International Law
Argentina’s Sovereign Debt’s Crisis
before Different Fora
Agustina Noeli VAZQUEZ
Abstract: On 10 September 2015, the United Nations general assembly voted on nine principles
concerning the restructuring of sovereign debts. It has been largely related with the ongoing economic
Greek crisis, however it is more accurate to consider this resolution as one of the latest outcomes of the
long Argentinean debt crisis and its international repercussions.For over 20 years Argentina has been
in the centre of international scene when talking about sovereign debt. It survived the 2001 crisis and
its recovery, is one of the fewest in world history. However, its sovereign debt restructuration in 2006
ended up before courts all over the world. This produced an unthinkable effect: it showed us how much
has international law developed over these last years in orde r to adapt itself to this new reality were
States are no longer the only big players in the international arena. This paper pretends to focus on the
Argentinean cases before International Courts. Having proved its value to the International Law field,
this paper might be con sidered a small contribution in the tumultuous path to understand sovereign
debt’s regulation.
Keywords: Sovereign debt; International Law; Soft Law; NML vs. Argentina
1. Between Highway to Hell and Stairway to Heaven: Argentina’s Debt
Sovereign debt is debt taken out by a country, either from another country (often
distinguished as “public debt”) or from a private creditor, such as a bank or an
international credit organization (Barr, 2016, p. 1). Every country has sovereign debt
and as debtors, they may sell the sovereign debt (in the form of bonds) to other
creditors (Gosis, 2013, pp. 3-5). As debt grows, payments increase, and therefore
Financiamiento Internacional Ministerio de Trabajo, Empleo y Seguridad Social, Argentina, Address:
Av Leandro N. Alem 650, C1001AAO, Ciudad Autónoma de Buenos Aires, República Argentina,
Corresponding author:
AUDJ, vol. 12, no. 2/2016, pp. 28-39

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