University of New South Wales Faculty of Law Research Series
Last Updated: 21 July 2013
The Bankruptcy of Nations: An Idea Whose Time Has Come
Ross Buckley, University of New South Wales
This paper is available for download at Available at http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2296533
This paper was published in 2009, 43(3) The
International Lawyer, 1189-1216. This paper may be referenced as  UNSWLRS
A bankruptcy regime is a central part of each national financial system. Yet no regime exists for insolvent sovereigns. As a result too much capital flows into poor countries in good times and is often repaid at the expense of the basic human rights of the poor in these countries in bad times. This paper examines the case for a sovereign insolvency regime, and considers Chapter 9 of the US Bankruptcy Code as a model for such a regime.