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SOVEREIGN DEBT AND HUMAN RIGHTS

Sovereign Debt and Human Rights

Edited by ILIAS BANTEKAS CEPHAS LUMINA

Great Clarendon Street, Oxford, OX2 6DP, United Kingdom

Oxford University Press is a department of the University of Oxford. It furthers the University’s objective of excellence in research, scholarship, and education by publishing worldwide. Oxford is a registered trade mark of Oxford University Press in the UK and in certain other countries © The Several Contributors 2018

The moral rights of the authors have been asserted

First Edition published in 2018

Impression: 1

All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, without the prior permission in writing of Oxford University Press, or as expressly permitted by law, by licence or under terms agreed with the appropriate reprographics rights organization. Enquiries concerning reproduction outside the scope of the above should be sent to the Rights Department, Oxford University Press, at the address above

You must not circulate this work in any other form and you must impose this same condition on any acquirer

Crown copyright material is reproduced under Class Licence Number C01P0000148 with the permission of OPSI and the Queen’s Printer for Scotland

Published in the United States of America by Oxford University Press 198 Madison Avenue, New York, NY 10016, United States of America

British Library Cataloguing in Publication Data Data available

Library of Congress Control Number: 2018952329

ISBN 978–0–19–881044–5

Printed and bound by CPI Group (UK) Ltd, Croydon, CR0 4YY

Links to third party websites are provided by Oxford in good faith and for information only. Oxford disclaims any responsibility for the materials contained in any third party website referenced in this work.

Preface

The idea for this book was conceived while the two editors were engaged with the Greek Parliamentary Committee on the Truth of the Greek Debt in 2015. The findings of the Committee, under the inspired leadership of Eric Toussaint, made it abundantly clear that a country’s debt is a complex phenomenon, where the most powerful stakeholders will typically silence all dissent as to the nature and even the existence of the debt. These powerful stakeholders understand all too well that if you silence dissent long enough, spread panic, and simultaneously impose austerity measures without respite, even a determined population will ultimately give up in the face of fatigue and survival. This is exactly what happened in Greece. Despite the original euphoria brought about by the Committee’s conclusion that the country’s debt was a coerced conversion of private (bank) debt into state debt through an unthinkable nationalization of indebted banks by the Greek state, Greece’s government of the time overturned the outcome of a landslide referendum and the Greek people ultimately accepted the miserable conditions inflicted upon them.

Against the background of these developments, this book seeks to understand the mechanics of sovereign debt, the interface between debt and human rights, and how we can reconcile the various interests of pertinent stakeholders without making rights irrelevant. Is, or should, this book be addressed solely to lawyers, particularly given that the two editors are themselves lawyers? The answer is certainly negative. The reader will not fail to notice that the contributors to this book comprise historians, health and labour economists, macroeconomists, political scientists, and lawyers from several fields of law. The law, politics, and economics of sovereign debt are inseparable and no understanding of the debt phenomenon can exist in isolation of all its other components. We have tried to bring together these diverse disciplines in such a way as to unite them in the hope that persons from all spectra of life can access the findings in this book. Although many chapters take a combative stance towards the deleterious effects of unsustainable debt and the mechanisms that support it, the editors have made a distinct effort to engage views different to their own. There are chapters in this book from the opposing camp that shed significant light on the debate.

This book would not have been possible without the dedication of all the contributors. Each one has provided expertise and insights that none of us could possess individually. The editors were humbled when reading each chapter and are grateful to all the contributors for sharing their knowledge and thinking with us, and for the effort they put in from the conception of the book to its conclusion.

The editors are equally thankful to their families. The Bantekas family endured Ilias’ absentmindedness while this and other projects were ongoing and, miraculously, two further children were born in the process. Ilias’ endless gratitude goes to his wife and best friend Eleni and their four amazing children, Stefanos, Zoe, Thalia, and Athanasia (Nasia). A special debt of gratitude is due to the Lumina family (wife Chimba and children Mulesa and Chileshe) who had to contend with Cephas’ long periods of solitude in the course of this project and other work commitments.

The editors also wish to thank the editorial team at Oxford, particularly Merel Alstein and Natasha Flemming, who moved the initial proposal from idea to manuscript. Dedicated editors are the driving force behind any good book. This book is dedicated to all those who never give up, in the face of extreme adversity.

4.6

4.7

4.8

4.9

5.4

5.5

5.6

6.5

6.6

6.7

Matthias

7.1

8.1

8.2

8.3

8.4

PART III. THE IMPACT OF SOVEREIGN DEBT ON HUMAN RIGHTS

Cephas

Olivier

Tim

Ilias

Gail

Ilias Bantekas 14.1

15.

Juan Pablo Bohoslavsky and

Sarah Joseph

Cephas

PART IV. THE IMPACT OF ECONOMIC ADJUSTMENT POLICIES ON HUMAN RIGHTS

19.

20.

18.4

21.

19.4

22.

22.6

23.5

24.

Ilias Bantekas

24.1

25.5

26.

27.

Francesco

Ilias Bantekas

28.4

28.5

Table of Cases

INTERNATIONAL COURTS, TRIBUNALS AND HUMAN RIGHTS TREATY BODIES

CCJ

BCB Holdings Ltd and Belize Bank Ltd v Attorney-General of Belize [2013] CCJ 5 (AJ) 543

CESCR

Djazia and Bellili v Spain, UN Doc E/ C 12/ 61/ D/ 5/ 2015 (21 July 2017)

383

IDG v Spain, UN Doc E/C 12/55/D/2/2014 (13 October 2015) 383, 384

López Rodríguez v Spain, UN Doc E/C 12/57/D/1/2013 (20 April 2016) 383

CJEU

Alessandro Accorinti et al v European Central Bank, Case No T79/12, ECLI:EU:T:2015:756 553

Ledra Advertising and Others v European Central Bank, Joined Cases C-8/15 P to C-10/15 P, ECLI:EU:C:2016:701

552–3

Meroni & Co, Industrie Metallurgiche, SpA v High Authority of the European Coal and Steel Community, Joined Cases 9/56 and 10/56 [1957–8] ECR 133 42

Pringle v Ireland, Case C-370/12, ECLI:EU:C:2012:756

ECHR

Al-Skeini and Others v UK (2011) 53 EHRR 18

Capital Bank AD v Bulgaria (2005) 44 EHRR 48

D . H . and Others v Czech Republic (2008) 47 EHRR 3

v Turkey (1997) 23 EHRR 513

v UK, App no 43844/98 (7 March 2000)

ECOWAS Court

SERAC v Federal Republic of Nigeria and Universal Basic Education ECW/CCJ/APP/07/10 (6 December 2010) 235

ECSR

European Roma Rights Centre v Portugal, Complaint No 61/2010, Merits (30 June 2011)

384 Federation of Employed Pensioners of Greece (IKA-ETAM) v Greece, Complaint No 76/2012, Merits (7 December 2012) 541

General Federation of employees of the national electric power corporation (GENOP-DEI) and ADEDY v Greece, Complaint No 66/2011, Merits (23 May 2012) 289, 290 GSEE v Greece, Complaint No 111/2014, Merits (23 March 2017) . .

430, 431, 433, 439, 441 Pensioners’ Union of the Agricultural Bank of Greece (ATE) v Greece, Complaint No 80/2012, Merits (16 January 2012) 541

HRCtee

Alekseev v Russian Federation, UN Doc CCPR/C/109/D/1973/2009 (2 December 2013)

Beydon v France, UN Doc CCPR/C/85/D/1400/2005 (28 November 2005)

Brun v France, UN Doc CCPR/C/88/D/1453/2006 (23 November 2006)

Lopez Burgos v Uruguay, UN Doc CCPR/C/13/D/52/1979 (29 July 1981) .

Mikmaq Tribal Society v Canada, UN Doc CCPR/C/43/D/205/l986 (3 December 1991)

ICJ

Argentina v United States of America, Application instituting proceedings (Dispute concerning judicial decisions of the United States of America relating to the restructuring of the Argentine sovereign debt), Application Instituting Proceedings (2014)

312

306

Armed Activities on the Territory of the Congo (Democratic Republic of Congo v Uganda), (2005) ICJ Rep 168 328

Effect of Awards of Compensation made by the UN Administrative Tribunal, (1954) ICJ Rep 47 468

Gabčíkovo-Nagymaros Project (Hungary v Slovakia), (1997) ICJ Rep 7 136

Interpretation of the Agreement of 25 March 1951 between the WHO and Egypt, Advisory Opinion, (1980) ICJ Rep 73

409

Legal Consequences of the Construction of a Wall in the Occupied Palestinian Territory, (2004) ICJ Rep 136 328

ICSID

Abaclat and others v Argentine Republic, Case No ARB/07/5, Decision on Jurisdiction and Admissibility (4 August 2011)

460, 473

Abaclat and others v Argentina, Case No ARB/07/5, Annex A, Settlement Agreement (29 December 2016) 132, 134, 135, 145

Aguas del Tunari SA v Bolivia, Case No ARB/02/3, Letter from President of Tribunal Responding to Petition (29 January 2003)

Alemanni and others v Argentina, Case No ARB/07/8, Decision on Jurisdiction and Admissibility (17 November 2014) 473

Ambiente Ufficio and others v Argentina, Case No ARB/08/9, Decision on Jurisdiction and Admissibility (8 February 2013)

Ambiente Ufficio S p A and others v Argentina, Case No ARB/08/9, Order of Discontinuance of the Proceeding (4 May 2015)

ATA v Jordan, Case No ARB/08/2, Award (18 May 2010)

Azurix v Argentina, Case No ARB/01/12, Award (14 July 2006)

Bernhard von Pezold and Others v Zimbabwe and Border Timbers Ltd v Zimbabwe, Case No ARB/10/15, Procedural Order No 2 (26 June 2012) 471

Bernhard von Pezold and Others v Zimbabwe, Case No ARB/10/15, Award (28 July 2015)

Biwater Gauff (Tanzania) Ltd v Tanzania, Case No ARB/05/22, Award (24 July 2008)

Burlington Resources v Ecuador, Case No ARB/08/5, Decision on Jurisdiction (2 June 2010) 475, 547

Burlington Resources Inc v Republic of Ecuador, Case No ARB/08/5, Decision on Liability (14 December 2012) .

547

Cargill Incorporated v United Mexican States, Case No ARB(AF)/05/2, Award (18 September 2009) 547

Ceskoslovenska Obchodni Banka, A S v Slovak Republic, Case No ARB/97/4, Decision of the Tribunal on Objections to Jurisdiction (24 May 1999)

473

CMS Gas Transmission Co v Argentina, Case No ARB/01/8, Award (12 May 2005) 135–6, 139, 142, 144, 473

Compãnia del Desarrollo de Santa Elena SA v Costa Rica, Case No ARB/96/1, Award (17 February 2000) .

550

Continental Casualty Company v Argentina, Case No ARB/03/9, Award (5 September 2008) 136

EDF International S A , SAUR International S A and León Participaciones Argentinas S A v Argentine Republic, Case No ARB/03/23, Award (11 June 2012) 139, 143

El Paso Energy International Company v Argentine Republic, Case No ARB/03/15, Award (31 October 2011) 547, 549

Fedax N V v Venezuela, Case No ARB/96/3, Objections to Jurisdiction (11 July 1997) 133, 473

Fraport v Philippines, Cases Nos ARB/03/25 and ARB/11/12, Award (10 December 2014)

278

Giovanni Alemanni and Others v Argentina, Case No ARB/07/8, Order of the Tribunal Discontinuing the Proceeding (14 December 2015) 133

Ioan Micula, Viorel Micula, S .C . European Food S .A, S .C . Starmill S .R .L . and S .C . Multipack

S R L v Romania, Case No ARB/05/20, Award (11 December 2013) 547–8

Impregilo S p A v Argentina, Case No ARB/07/17, Award (21 June 2011) 142

LG&E Energy Corp , LG&E Capital Corp , and LG&E International, Inc v Argentina, Case No ARB/02/1, Award (25 July 2007) .

Marvin Roy Feldman Karpa v United Mexican States, Case No ARB(AF)/99/1, Award (16 December 2002) 546

Maffezini v Spain, Case No ARB/97/7, Award (13 November 2000) . .

135

Malaysian Historical Salvors v Malaysia, Case No ARB/05/10, Decision on Annulment (16 April 2009) 247, 466

Mamidoil v Albania, Case No ARB/11/24, Award (30 March 2015) 550

Metalclad Corp . v Mexico, Case No ARB(AF)/97/1, Award (30 August 2000) .

135

Mondev International Ltd v The United States of America, Case No ARB(AF)/99/2 (11 October 2002) 140

Noble Ventures, Inc v Romania, Case No ARB/01/11, Award (12 October 2005) 135

Phoenix v Czech Republic, Case No ARB/06/5, Award (15 April 2009) .

138

Piero Foresti, Laura de Carli and others v South Africa, Case No ARB(AF)/07/01, Letter regarding non-disputing parties (5 October 2009) 471

Poštová banka, a s and ISTROKAPITAL SE v Greece, Case No ARB/13/8, Award (9 April 2015)

Rompetrol Group N .V. v Romania, Case No ARB/06/3, Award (6 May 2013) .

133, 134, 473, 541

138

Saipem v Bangladesh, Case No ARB/05/07, Decision on Jurisdiction (21 March 2007) 247, 466

Salini v Morocco, Case No Arb/00/04, Decision on Jurisdiction (23 July 2001) 129, 133–4, 247, 466

Sempra Energy International v Argentina, Case No ARB/02/16, Award (28 September 2007) 142

Siemens AG v Argentina, Case No ARB/02/8, Award (17 January 2007) .

139, 142, 144

Société Générale de Surveillance (SGS) v Pakistan, Case No ARB/01/13, Decision on Jurisdiction (6 August 2003) 247, 466

Suez, Sociedad General de Aguas de Barcelona SA and Interaguas Servicios Integrales del Agua SA v Argentina, Case No ARB/03/17, Decision on Jurisdiction (16 May 2006) .

475

Suez, Sociedad General de Aguas de Barcelona SA and Vivendi Universal SA v Argentina, Case No ARB/03/19, Decision on Liability (30 July 2010) 142

Técnicas Medioambientales Tecmed S .A . v Mexico, Case No ARB(AF)/00/2, Award (29 May 2003) . . . . 140

Urbaser S .A . and Consorcio de Aguas Bilbao Bizkaia, Bilbao BiskaiaUr Partzuergoa v The Argentine Republic, Case No ARB/07/26, Award (8 December 2016) 140, 143, 473

Wena Hotels Ltd v Egypt, Case No ARB/98/4, Award (8 December 2000) 465

ICTY

ICTY Prosecutor v Tadić, Decision on the defence motion for interlocutory appeal on jurisdiction, 105 ILR 453 468

OECD Multinationals’ Guidelines Complaints

Forum Suape et al v Atradius Dutch State Company

PCA

Achmea BV v Slovak Republic, Award on Jurisdiction (20 May 2014)

Preferential Treatment of Claims of Blockading Powers against Venezuela (Germany, Great Britain, Italy v Venezuela), Award (22 February 1904)

Saluka Investments BV v Czech Republic, Partial Award (17 March 2006)

Yukos Universal Ltd (Isle of Man) v Russia, Award (18 July 2014)

PCIJ

Mavrommatis Palestine Concessions (Greece v UK) [1924] PCIJ Rep, Ser A, No 2

Minority Schools in Albania, Advisory Opinion (1935) PCIJ Rep, Ser A/B No 64

Payment of Various Serbian Loans Issued in France (France v Kingdom of the Serbs, Croats, and Slovenes) (1929) PCIJ Rep, Ser A No 20 (Serbian Loans)

Ad Hoc Arbitration

AGIP v Congo (1982) 21 ILM 726

Biloune and Marine Drive Complex Ltd v Ghana Investments Centre and the Government of Ghana, Award on Jurisdiction and Liability, 95 ILR 284

Copper Revere and Brass Inc v OPIC (1978) 17 ILM 1343

EnCana Corporation v Republic of Ecuador, LCIA Case No UN3481, Award and Partial Dissent (3 February 2006)

550

Hesham T. M . Al Warraq v Indonesia, UNCITRAL, Final Award (15 December 2014)

Les Laboratoires Servier SAS Arts et Techniques du Progres SAS v Poland, UNCITRAL Award (12 February 2012)

Link-Trading Joint Stock Company v Department for Customs Control of the Republic of Moldova, UNCITRAL Arbitration, Final Award (18 April 2002)

Methanex Corp v USA, (UNCITRAL Rules), Award (3 August 2005)

Occidental Exploration and Production Company v The Republic of Ecuador, LCIA Case No UN 3467, Award (1 July 2004)

Ronald S . Lauder v Czech Republic, UNCITRAL, Final Award (3 September 2001)

Texas Overseas Petroleum/California Asiatic Oil Co (TOPCO) v Libya (1978) 17 ILM 3

Tinoco Arbitration [Great Britain v Costa Rica] (1923) 1 RIAA 371

United Parcel Services v Canada (UNCITRAL Rules), Decision on Petitions for Intervention and Participation as Amici Curiae (17 October 2001)

NATIONAL COURTS

Argentina

case, No 14,467 (13 July 2000)

Australia

Commonwealth Bank v Amadio (1983) 151 CLR 447

FG Hemisphere Associates LLC v Democratic Republic of Congo [2010] NSWSC 1394

Watson’s Bay and South Shore Ferry Co Ltd v Whitfield [1919] 27 CLR 268

Austria

Joint Stock Corp v Czech Republic, Supreme Court judgment (11 July 2012)

Brazil

RE 436996/SP (2005)

Súmula (Decision) 121 Supremo Tribunal Federal (STF) (15 December 2009)

China

JingGaoFa [1996] No 239

Re the Non-Enforcement of the Arbitral Award of the Dispute Raised by USA Production and TOM Hulett & Associates v China Women Travel Service, Ta [1997] No 35

England and Wales

Barbados Trust Co Ltd (formerly known as CI Trustees) (Asia Pacific Ltd) v Bank of Zambia & Anor [2007] EWCA Civ 148

CIBC Mortgages v Pitt [1993] 4 All ER 433

539

Donegal International Ltd v Republic of Zambia [2007] EWHC 197 (Comm) 499–500

Ecuador v Occidental Exploration & Production Co (OEPC) [2006] EWHC 345 (Comm) 544

Horwood v Millar’s Timber and Trading Co Ltd [1917] 1 KB 305 539

Knighthead Master Fund LP and others v Bank of New York Mellon and another [2015] EWHC 270 (Ch) 82

La General des Carrières et des Mines v FG Hemisphere Associates LLC [2012] UKPC 27 501

NML Capital Ltd v Republic of Argentina [2011] UKSC 31 512

Redericktiebolaget Amphitrite v King [1921] 2 KB 500

Royal Bank of Scotland v Etridge (No 2) [2002] 2 AC 773

R v Secretary of State for Foreign Affairs ex parte World Development Movement [1995] 1 All ER 611 238

SerVaas Inc v Rafidian Bank [2012] UKSC 40 542

The Philippine Admiral [1977] AC 373

Versloot Dredging BV v HDI Gerling Industries [2014] EWCA Civ 1349 . . . .

Yam Seng Pte Limited v International Trade Corporation Limited [2013] EWHC 111 (QB) . . .

France

European Gas Turbines SA v Westman International Ltd [1994] Rev Arb 359 .

539

Société Creighton Ltd v Ministère des Finances et le Ministère des Affaires Municipales et de l’Agriculture du Gouvernement de l’Etat de Qatar [2003] Rev Arb 417 542

Germany

Case III ZB 44/01, judgment (6 June 2002) [2003] SchiedsVZ 39

Greece

Judgment No 668/2012 (20 February 2012), Conseil d’Etat 276

Hong-Kong

Democratic Republic of Congo & Others v FG Hemisphere Associates, LLC, FACV 5/2010, FACV 6/2010, FACV 7/2010, FACV 8/2010, Decision (6 January 2012) 512

Jersey (Channel Islands)

FG Hemisphere Associates LLC v DRC, Le Générale des Carrières et des Mines and Others (2010) JRC 195 503

South Africa

Government of the Republic of South Africa v Grootboom 2001 (1) SA 46 (CC) 325, 384

Madzodzo and others v Minister of Basic Education [2014] 2 All SA 339

Mazibuko and Others v City of Johannesburg and Others [2009] ZACC 28

Minister of Health and Others v Treatment Action Campaign and Others (No 2) [2002] ZACC 15, 2002 (5) SA 721 (CC)

Case 4A_669/2012 judgment (17 April 2013)

v F and V (1995) Bull ASA 217

Uganda

Bridge International Academy Ltd v Attorney-General, High Court (4 November 2016) 236, 243 USA

BG Group Plc v Argentina, 134 S Ct 1198 (2014)

Brown v Board of Education of Topeka, 347 US (1954) 483

Capital Ventures International v Republic of Argentina (2011) 652 F.3d 266

Elliott Associates LP v The Republic of Peru, 12 F. Supp . 2d 328 (S .D .N .Y. 1998)

Elliott Associates LP v Banco de la Nación, 194 F 3d 363 (2nd Cir 1999)

FG Hemisphere Associates, LLC v Democratic Republic of Congo, 603 F Supp 2d 1, 2 (D .D .C . 2009)

FG Hemisphere Associates, LLC v Democratic Republic of Congo and Société Nationale d’Electricité, No 10-7040, 15 March 2011

Government of Belize v Belize Social Development Ltd [formerly BCB], US Ct Appeals judgment (13 May 2016)

Jackson v People’s Republic of China, 596 F Supp 386 (ND Ala 1984)

NML Capital LTD et al v The Republic of Argentina, 699 F 3d 246 (2nd Cir 2012)

NML Capital Ltd v Republic of Argentina, 2012 US Dist LEXIS 167272 (21 November 2012 SDNY)

NML Capital Ltd v Republic of Argentina, 2013 US App LEXIS 17645 (23 August 2013 2nd Cir) 82, 450

Republic of Argentina v NML Capital Ltd, 134 S Ct 2819 (2014) 448–9, 452, 454, 505

Table of Legislation

EU LEGISLATION

Directives

2000 Directive 2000/12/EC of the European Parliament and of the Council of 20 March 2000 relating to the taking up and pursuit of the business of credit institutions 70

2003 Directive 2003/71/EC of 4 November 2003 on the prospectus to be published when securities are offered to the public or admitted to trading and amending Directive 2001/34/EC 75

2006 Directive 2006/48/EC of the European Parliament and of the Council of 14 June 2006 relating to the taking up and pursuit of the business of credit institutions .

2013 Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 2006/48/ EC and 2006/49/EC 41

2014 Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/ EC, 2004/25/EC, 2005/56/EC, 2007/ 36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU (BRRD)

Art 37(10) .

41–3

Arts 46–58 43

Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes 41

Regulations

2005 Council Regulation (EC) No 1055/ 2005 of June 27 2005 amending Regulation (EC) No 1466/97 on the strengthening of the surveillance of budgetary positions and the surveillance and coordination of economic policies .

2005 Council Regulation (EC) No 1056/ 2005 of June 27 2005 amending Regulation (EC) No 1467/97 on speeding up and clarifying the implementation of the excessive deficit procedure

2009 Regulation (EC) No 1060/2009 of the European Parliament and of the Council of 16 September 2009 on credit rating agencies .

159

2010 Regulation (EU) No 1093/2010 of the European Parliament and of the Council, on Bank Recovery and Resolution 41

2011 Regulation (EU) No 1233/2011 of the European Parliament and of the Council of 16 November 2011 on the application of certain guidelines in the field of officially supported export credits and repealing Council Decisions 2001/76/EC and 2001/77/EC

2012 Regulations No 648/2012, of the European Parliament and of the Council, on Bank Recovery and Resolution 41

2013 Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012 41

Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (SSM Regulation) Art 6(4)

Regulation (EU) No 462/2013 of the European Parliament and of the Council of 21 May 2013 amending Regulation (EC) No 1060/2009 on credit rating agencies (CRA III) 158

Regulation (EU) No 472/2013 of the European Parliament and of the

Council of 21 May 2013 on the strengthening of economic and budgetary surveillance of Member States in the euro area experiencing or threatened with serious difficulties with respect to their financial stability

Art 7(2) .

470, 477

241

Art 7(9) 470, 477, 548

2014 Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (SRM Regulation)

Art 7(2)

Other

2009 EU Council Decision 2009/415/EC (27 April 2009) on the existence of an excessive deficit in Greece 496

2010 EU Council Decision 2010/182/EC (16 February 2010) on giving notice to Greece to take measures for the deficit reduction judged necessary in order to remedy the situation of excessive deficit 496

EU Council Decision 2010/320/EU (10 May 2010) addressed to Greece with a view to reinforcing and deepening fiscal surveillance and giving notice to Greece to take measures for the deficit reduction judged necessary to remedy the situation of excessive deficit 497

EFSF Framework Agreement 277

Art 10(1)–(3) 495

Art 10(8)

NATIONAL LEGISLATION

Belgium

2008 Loi visant à empêcher la saisie ou la cession des fonds publics destines a la coopération internationale, notamment par la technique des fonds vautours 509

2015 Loi relative a la lutte contre les activités des fonds vautours .

10, 509

Brazil

1931 Decree No 20 631 481

488,

Federal Law 12 527/2011

Ecuador

Law 42

Decree No 1272

2007 Debt Audit under Decree 472/2007

289–91

France

1673 Bankruptcy Ordinance

1789 Declaration of the Rights of Man and of the Citizen

Germany Basic Law (the Grundgesetz)

Greece

495

Art 12(1) 495

Art 12(3) 495

Art 12(4) 495

Annex 1

2011 Amendment to the EFSF Agreement

496

Art 1(4) 496

2012 EU Council Decision 2012/245/EU (24 April 2012) .

495

2012 Master Financial Assistance Agreement 277

Guernsey (Channel Islands)

2013 Debt Relief (Developing Countries) (Guernsey and Alderney) Law

Jersey (Channel Islands)

2013 Debt Relief (Developing Countries) (Jersey) Law

Man, Isle of 2012 Heavily Indebted Poor Countries (Limitation on Debt Recovery) Act

Spain 2014

Table of Treaties and International Instruments

1907 Convention respecting the Laws and Customs of War on Land and its annex: Regulations concerning the Laws and Customs of War on Land 18

Convention respecting the Limitation of the Employment of Force for the Recovery of Contract Debts 18

Art 1

1945 UN Charter

99, 279, 332, 551

Art 25 543

Art 39 530

Art 55 99, 329

Art 56 .

Art 103

UNESCO Constitution

99, 329

551

Preamble 234

IMF Articles of Agreement 360, 462

Art I(v)

IBRD Articles of Agreement

1948 ILO Convention No 87 on Freedom of Association and Protection of the Right to Organise

131

440

. 290

Agreement between the United Nations and the IMF 176

Agreement between the United Nations and the World Bank

. 176

1948 Universal Declaration of Human Rights (UDHR) 45–7, 50, 53, 55, 92, 314, 409, 429, 453, 525

Art 1 . .

Art 2 53, 332

Art 3 53

Art 4 53

Art 5 . .

Art 7 .

332

Art 17 45

Art 19 54

Art 20 .

Art 21

429

Arts 23, 25 45, 50

Art 26 45, 46, 50

Art 28 327

1949 ILO Convention No 96 on FeeCharging Employment Agencies

Art 3 291

ILO Convention No 98 on Right to Organise and Collective Bargaining . . . 290

1950 European Convention on Human Rights 46, 288, 290, 525, 551, 554

Art 4

Art 14

1951 Convention relating to the Status of Refugees

1952 Protocol No 1 to the European Convention on Human Rights

Art 2 234

1958 New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards 474

Art V(2)(b) 542

1961 European Social Charter . . . . . . .288, 290, 431

Arts 1–8

Art 4(1)

Art 4(4)

6(2)

7(7)

Art 31

1965 Belgium–Congo Tshombe–Spaak agreement

Art 5(e)(v)

Convention on the Settlement of Investment Disputes between States and Nationals of Other States (ICSID) 129, 134

Art 25 133

Art 25(1) 475

Art 41

Art 42

1966 International Covenant on Civil and Political Rights (ICCPR) 7, 45–6, 267, 288, 303, 307–8, 311–13, 328, 374, 377, 525

Preamble 314

Art 1 429–30, 551

Art 1(1) 267–9

Art 1(2) .

268–9, 430

Art 2(1) 332

Art 2(3)

Art 3 332

Art 6

Art 8(3)

311, 314–16

Art 9(1) 311, 316

Art 14 .

Art 14(1) . .

313

313, 332

Art 14(2) 313

Art 14(3) 313

Art 14(3)(c) 313

Art 14(3)(d) .

Art 14(4)–(7) .

313

Art 19 311, 313

Art 20 310, 316

Art 21 311–12, 316

Art 22 .

Art 22(3) .

1967 Organization of American States Charter

Art 19

1969 American Convention on Human Rights 46, 288

Art 1(1)

Art 6 .

Art 16

Art 19

Art 24

Vienna Convention on the Law of Treaties

288

Art 25 303–4, 306–7, 316, 429

Art 25(a) 306

Art 25(b) 306–7

Art 25(c) . .

306

Art 26 315–16, 332

First Optional Protocol to ICCPR 306

International Covenant on Economic, Social and Cultural Rights (ICESCR) 7, 45–6, 55–6, 64, 119, 172, 187, 205–6, 234–8, 245, 247, 288, 313, 315, 325–9, 339–40, 370, 374, 382–3, 386–9, 391–4, 396–400, 440, 504, 525

Preamble 314

Art 1 429, 430

Art 1(1) 267, 269

Art 1(2)

Art 2

269, 430

55, 332, 504

Art 2(1) 90, 173, 314, 325, 327, 340, 384, 387, 393, 398

Art 2(2) . .

Art 3

.315, 332, 393

333

Art 6 46, 55, 288, 393

Art 7 46, 288–9

Art 8 46, 288

Art 8(3)

Art 9

288, 389

46, 55

Art 10 46

Art 10(3) 288

Art 11 55, 142, 173

Art 11(2)

Art 12

397

55, 314

Art 13 55, 234–5, 237

Art 13(2)(a) 235

Art 13(2)(c) 236

Art 13(3)

Art 14

332

236

46, 55

Art 15 173

Art 22 173, 176, 205

Art 23 173

Art 2(1)(a) 2

Art 27 139

Art 31(3)(c)

Art 52

.280, 439, 537

Art 56(1)(b) 280, 537

Art 69(2) 539

1977 Protocol II [on non-international armed conflicts] to the 1949 Geneva Conventions

Art 1(4)

1979 Convention on the Elimination of All Forms of Discrimination against Women

Art 11

1981 African Charter on Human and Peoples’ Rights

Art 2

Art 3

Art 5

Art 10

Art 15

Art 17(1)

Convention on the Elimination of All Forms of Discrimination against Women

1983 Vienna Convention on Succession of States in Respect of State Property, Archives and Debts 22, 538

Art 33 538

1988 Additional Protocol to the American Convention on Human Rights in the Area of Economic, Social and Cultural Rights (San Salvador Protocol) 288

Art 3

Art 7

Art 16

1989 Convention on the Rights of the Child

Art 2(1)

Art 2(2)

525

Art 12

Art 28

Art 32

Art 33

Art 34

1990 African Charter on the Rights and Welfare of the Child

Art 3

Art 11(3)

1992 Treaty on European Union

Art 2

Art 3

Art 7

1994 North American Free Trade Agreement

Art 11 .39

1996 European Social Charter (Revised) 525

1997 OECD Convention on Combating Bribery of Foreign Officials in International Transactions 543

1998 International Criminal Court Statute 306

Art 15(1), (2) 475

Art 124

2000

Art

2001 Draft Articles on the Responsibility of States for Internationally Wrongful Acts

Art 5

Art 16

Art 17

Art 23

Art 25

Arts 49–50

2003 Convention on the Protection of the Rights of All Migrant Workers and Members of Their Families

2007 Norwegian Model BIT

2008 Protocol (No 12) on the excessive deficit procedure annexed to the TFEU

2009 Optional Protocol to ICESCR

Model BIT

6(1)

2011 Draft Articles on the Responsibility of International Organizations

273, 554 2012 Association of Southeast Asian Nations (ASEAN) Human Rights

Protocol of the Statute of the European System of Central Banks

14(4)

Treaty on Stability, Coordination and Governance in the Economic and Monetary Union (TSCG)

establishing the European Stability Mechanism

Treaty on the Functioning of the European Union (TFEU)

Additional Protocol to the African Charter on Human and Peoples’ Rights on the Rights of Women in Africa Art 2

2004 UN Convention

2013 Netherlands–UAE BIT

2015 EU–Singapore FTA

Chp 17, Art 6(5)(a)

2016 Morocco–Nigeria BIT

Art 1

List of Abbreviations

AAAA Addis Ababa Action Agenda

AC Appeals Cases [Reports]

ACHR American Convention on Human Rights

ACHRP African Charter on Human and Peoples’ Rights

ADMARC Agricultural Development and Marketing Corporation

ADSB Atradius Dutch State Business

AEoI automatic exchange of information

AFD French Development Agency

AFDB African Development Bank

Afrieximbank

African Export Import Bank

Afrodad African Forum and Network on Debt and Development

AFSI L’Aquila Food Security Initiative

AGRA Alliance for a Green Revolution in Africa

All ER All England Reports

All SA All South African Law Reports

ASDB Asian Development Bank

ASEAN Association of Southeast Asian Nations

ASR Articles on State Responsibility

ATI African Tax Initiative

BECI Botswana and Export Credit Guarantee Company

BEF Belgian francs

Berne Union YB

Berne Union Yearbook

BGH Bundesgerichtshof [German Federal Court of Justice]

BHR business and human rights

BIS Bank for International Settlements

BIT bilateral investment treaty

BNDES Brazilian Development Bank

BRICS Brazil, Russia, India, China, South Africa

BRRD Bank Recovery and Resolution Directive

Bull ASA Bulletin of the Swiss Arbitration Association

BVerfGE Entscheidungen des Bundesverfassungsgerichts

BYIL British Yearbook of International Law

CAADP Comprehensive Africa Agriculture Development Programme

CAC collective action clause

CADTM Committee for the Abolition of Illegitimate Debt

CAF Corporación Andina de Fomento

CAIC Comprehensive Public Debt Audit (Ecuador)

CAITISA Ecuadorian Citizens Commission for a Comprehensive Audit of Investment Protection Treaties and of the International Arbitration System on Investments

CCF country cooperation framework

CCJ Caribbean Court of Justice

CCL counter-cyclical loans

CDO collateralized debt obligation

CDS credit default swap