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DTSTART:19960101T000000 END:STANDARD BEGIN:STANDARD TZNAME:GMT TZOFFSETFROM:+0100 TZOFFSETTO:+0000 DTSTART:19961027T020000 RRULE:FREQ=YEARLY;BYMONTH=10;BYDAY=-1SU END:STANDARD END:VTIMEZONE BEGIN:VEVENT DTSTAMP:20260419T012158Z DTSTART;VALUE=DATE-TIME:20160512T123000 DTEND;VALUE=DATE-TIME:20160512T140000 SUMMARY:Beyond the Odious Debt Doctrine in International Law: Exploring S ome Alternatives to the Present Practices of Sovereign Debt Adjustment - Emeritus Professor Upendra Baxi\, Warwick Law School TZID:Europe/London UID:20160512-094d434553e1cda70154336b0e02055c@warwick.ac.uk CREATED:20160420T112534Z DESCRIPTION:Speaker Profile Upendra is Emeritus Professor of Law at Warwi ck Law School. His areas of research include comparative constitutionali sm\, social theory of human rights\, human rights responsibilities in co rporate governance and business conduct\, and materiality of globalizati on. Abstract The debt crises affect us all—as citizens\, corporations\, states\, international financial institutions\, human rights and movemen t activists and academics\, mass media\, and the United Nations systems. These have been debated often in recent times since the Iraq invasion i n 2003\, the EU austerity constitutionalizing programmes\, the global me ltdown of 2008 and the similar intimations of a global slowdown since 20 15. The IFIs now play a prominent role in the evolution of ‘hybrid legal sphere’ in which enunciations of soft law remain preeminent\, a large ‘ symbolic’ part (as Celine Tan observes\, in the company of cognoscenti). Even so\, a recent GA resolution (on 10 September 2015) enshrines nine principles for restructuring sovereign debt: sovereignty\, good faith\, transparency\, impartiality\, equitable treatment\, sovereign immunity\, legitimacy\, sustainability and majority restructuring. This conversati on starts with four threshold questions: 1. Do the States\, as internati onal legal collective agents have a collective or vicarious human right to incur debts from other states or IFIs/ or others? If so\, what is the source and scope of this right? (Presumably\, the sage counsel of Polon ius to Laertes – ‘neither a borrower nor a lender be’—does not apply in the real world of complex entities that rule over international law\, or ganization\, and relations!) 2. If it is a sovereign right under interna tional law\, then other state lenders at least have a duty to lend\, act as creditors\; if so\, this raises complex moral and juridical concerns in regard to the power of the lender States to impose ‘economic sanctio ns’ especially in the name of protection and promotion of the human righ ts of the individuals and populaces of the borrowing state. [May\, for e xample\, the US Holmes -Burton law relating to Cuba\, a half-century reg ime of sections now ended\, be read this way?] 3. When may we say in tha t very name of HR that international or multilateral regimes of sanction s may violate this right of the borrowing states? The relationship betwe en human rights idea\, law and jurisprudence to foreign debt is quite co mplex and contradictory. [Please contrast here\, for example\, the UN–sa nctioned regime against apartheid State of South Africa and on the other the regime of sanctions against Iraq preceding the 2003 invasion under the banner of regime change politics\, and Iran and North Korea in the c ontexts of nuclear proliferation]. 4. Alternatively\, if it is a privile ge-no right relationship\, creditor states violate no sovereign right of the borrowing state entity when these impose in the very name of concer ns for human rights(HR) some immediate regimes of trade and aid conditio nality. IFI exercised regimes of SAP conditionality for the non-European humanity\, thus generating inaugural forms of disciplinary and transact ional globalization on emergent nations of Global South\; incidentally t here were not many international stakeholders which regarded such imposi tions as HR violative. Today\, as SAPs reach the shores of Eurozone debt redressal we witness a sea change in global politics critiquing the for ms of constitutionalization of EU austerity regimes. We need a critical sustainable debt discourse [CSD]. Of course\, this may appear as pre-cri tical\, were we to fully take account of concerns with the Anthropocene (now upon us)! CSD takes at least two interrelated yet distinct forms: t he distinctively juridical and the distinctively ethical. The CSD engage s some paradigmatic type concerns: When one may say that the borrowing s tate to be regarded always as a personification of its peoples’ interest s and their human rights? If so the flip–side (where international borro wing may undermine human rights fulfilment) has also to take account of its positive side\, such borrowing may well relate to servicing the impe ratives of human rights fulfilment (as Christian Barry suggests). Furthe r\, when may the international law obligations be disrupted\, or reconfi gured? Is it possible to establish a causal linkage between borrowing st ate (or its agencies) and lender institutions (whether in public or priv ate sector) and ultra vires action? What more comprises the excess of au thority as a principal? And precisely from what obligations are the pres ent and future generations are released? This problematic -- known to in ternational lawpersons at least in the languages of ‘odious debt’ --comp rised the juridical claim that when the borrower State manifestly incurr ed debts for ulterior ends and gains\, no obligations may ensure for deb t repayment. In this register\, a corrupt and despotic (even a tyrannous ) regime may not bind those adversely affected\, including state constit uted actually existing present generations and the future peoples\, and the environment. When sovereign creditors and lenders and their normativ e/institutional cohorts exceed their authority by manifest bad faith or mala fides\, are the present and future generations of the borrowing sta te-peoples under obligation to repay? Is it justified to think and act o therwise? Does that justification always aid and abet self-serving ends of regime-based acts of systematic governance corruption? The doctrine o f odious debt raises prima facie extends to the regimes of state success ion raising concerns about successor state responsibility. However\, one way of revisiting the contexts of the so-called Eurozone crises and att empts to redress these is to address past national fears and traumas. Do \, some remarkable innovations (such as the establishment of EFSM (Europ ean Finance Stabilization Mechanism\, the ESSF (European Financial Stabi lity Mechanism)\, the 2013 EU treaty on Stability\, Coordination and Gov ernance\, amidst of course the IMF intervention) constitute an appropria te response to the Greek crises? In a recent remarkable 2012 essay\, Pat rick O’Callaghan urges us to re-consider the ways in which the form of c ollective EU response is rendered distinctive by a reconstitution of the German ways of Strukturwandel. These originated ‘at least in part … by the ... standard historical narrative of the Great Inflation of Weimar G ermany\, which associates inflation with trauma and catastrophe’ in some lineages of ordo-liberal thoughtways rendered even apt for the resent c onjuncture. Does this ensemble of the ‘trusted means of hard economic re solving hard economic cases’ signify some Bergsonian distinctions and re iterations of ‘habit’ and ‘pure’ memory? In all this\, one is reminded o f the languages of Georg Deleuze\, who memorably said that a ‘scar is no t a sign of a past wound’ but rather signifies the ‘present fact of havi ng been wounded.’ Entailed here are not some constructions of disembodie d history but individual and group memories of suffering\, and the publi c lamentation as a form of resistance to some ways of global governance. We need to descend further into what Emile Durkheim germinally named as the non-contractual elements in contract as a way of reconstructing the principle of pacta sunt servanda. In the present times theorists of glo bal justice summon us to think anew and afresh about the HR ethic of sus tainable global debt discourse. Specifically\, Thomas Pogge thus fully u rges us to revisit the histories of state’s borrowing privileges in term s that question the minimal standards of contemporary human rights\, and relationship between debt and democracy. Kunibert Raffer speaks about w rongful advice and harmful lending practices. Thomas Pogge and Jonathan Shafter (the latter urging a due diligence model) have studied internal and external\, democracy reinforcing\, aspects of sovereign debt and pro posed some innovative norms and mechanisms. Sanjay Reddy has proposed an ingenious scheme which will devise contingent claims financial instrume nts\, aligned to commodity prices or economic performance. Many others s peak of creative reform that makes commercial and investment arbitration more transparent and fair. In sum\, these proposals seek to extend cons iderations of global justice and human rights standards to state\, and s tate-like (even state-transcendent institutions\, in the domain of lendi ng and debt adjustment. These further invite us to re-think a complex ar ena concerning the emergent configurations of human rights against globa l impoverishment. No doubt\, these suggestions and models seem to have l ittle purchase in the present state of world affairs\; change in the str ucture of international law occurs at a glacial pace. We need at least r ecall the patient evolution of international humanitarian law and the fa ct that it took the world of sovereign states about one hundred and fift y years to convert into institutional reality the idea of the Internatio nal Criminal court. LOCATION:S2.09\, Warwick Law School\, Social Studies Building CATEGORIES:Economy,Governance,Debt,Finance,Development,International Law, Globalisation,Democracy,Justice LAST-MODIFIED:20160421T044813Z ORGANIZER;CN=Sat Kaur: END:VEVENT END:VCALENDAR