The forthcoming G20 Leaders’ Summit on 5-6 September 2013 (pictured above left, credit) will expectedly focus on US President Barack Obama taking advantage of bilateral and multilateral talks at this forum to press the case for intervention in Syria to other world leaders. Against the urgency of proposed Syrian intervention, however, the Summit does promise to take up quietly equally urgent issues on global economic and regulatory governance. What would be of interest to international lawyers is the Summit’s upcoming consideration of the September 2013 G2O/OECD High-Level Principles of Long-Term Investment Financing by Institutional Investors. These Principles proclaim to “help policy makers design a policy and regulatory framework which encourages institutional investors to act in line with their investment horizon and risk-return objectives, enhancing their capacity to provide a stable source of capital for the economy and facilitating the flow of capital into long-term investments. The principles…
Financial Crisis
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Iceland not responsible for the liabilities of its deposit insurance scheme
In a landmark decision, the EFTA Court on 28 January 2013 dismissed all claims brought by the EFTA Surveillance Authority against Iceland in the Icesave case. The Authority had alleged that Iceland had breached its obligations under Directive 94/14/EC on deposit guarantee by failing to compensate Icesave depositors and had violated the prohibition on non-discrimination in the Directive and…
ITLOS order Ghana to release Argentine navy ship
On 15 December, the International Tribunal for the Law of the Sea (ITLOS) ordered Ghana to release the Argentine military training vessel ARA Fragata Libertad (see oral proceedings). NML Capital, an investment company focused on distressed debt based in the Cayman Islands and owned by…
Argentina’s Sovereign Debt Default Cases: Some Recent Developments in a Continuing Saga
More than ten years have passed since Argentina defaulted on its external debt obligations in December 2001. However, the repercussions of the Argentine financial crisis continue to contribute to the development of international law. This brief note provides a short overview of the most recent decisions of different domestic courts arising out of this Argentinian saga:…
The German Constitutional Court and the Euro-Crisis: The Emperor‘s New Clothes?
Daniel Thym is Professor of Public, European and International Law at the University of Konstanz Domestic German debates about the euro-crisis have had an unreal character so far. In the face of an economic crisis with global repercussions, the German public has been fascinated by the role of the Constitutional Court whom…