Abstract
Sovereign debt is an ongoing threat to a State’s economic stability and its citizens’ standard of living. A single occurrence of default begins a cycle in which it becomes increasingly more difficult for an indebted State to pay its debts and ensure the survival of its citizens. Because central banking systems and direct spending are often inadequate methods to boost an indebted State’s economy, a more expansive solution to sovereign debt is required. The initial solution to the growing problem of sovereign debt is an international treaty that will allow the world economy to establish monitoring mechanisms to prevent debt crises before they happen and standard responses to cure defaults that do occur.
Recommended Citation
Edward J. Kelley,
Replacing Havoc: Creating Rules for Sovereign Default,
64 Clev. St. L. Rev.
1049
(2016)
available at https://engagedscholarship.csuohio.edu/clevstlrev/vol64/iss4/9
Included in
Banking and Finance Law Commons, International Law Commons, Law and Economics Commons, Taxation-State and Local Commons, Taxation-Transnational Commons, Tax Law Commons