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Sovereign Debt is a term of art with manifold connotations. It has an age-old tradition that states and rulers respectively get indebted. The law has managed over time to regulate more or less all relevant and related problems connected with sovereign debt. There is, however, one exception and that is how to deal with a sovereign default. There are no insolvency or debt restructuring tools available – irrespective of the long history of defaulting states. The present-day solutions for this legal gap are by now similar but there are still disturbingly many ad hoc-reactions which defy the rule of law’s imperatives of fairness, predictability and transparency. Proposals to overcome this unbearable state of affairs do exist.
