Abstract:Sentences against sovereign States are difficult to enforce in courts. The Court of New York, in “NML Capital Ltd. vs. Argentina” (NML), tried to solve this situation with an injunction that blocked the payments of Argentina’s sovereign debt. The specialized literature has theoretically predicted that this injunction would cause harm to third parties and problems with other States. This article empirically corroborates these predictions with the analysis of a trial derived from NML: the “Citibank Argentina” ca… Show more
“…From the point of view of judicialization, following notes by Manzo (2018Manzo ( , 2020, it is important to indicate that contractualists consider the discussion of financial issues in any other forum than that of international financial institutions inappropriate, 122 and the IMF did not include the role of jurisdictions in debt collection in its defended model. Undoubtedly, the contractualist regime model that accepts and favors judicialization does not concern itself with the construction of new specialized international organizations that intervene in restructuring processes in light of an international bankruptcy law.…”
This volume is part of a series of seminars, interviews and publications that the editors have been organizing in the endeavor of bringing a highly abstract and general theory of society – such as Niklas Luhmann’s social systems theory – closer to more detailed discussions concerning specific legal fields and problems, and linking empirical investigation to legal doctrines and theories. In this volume, we maintain the focus on systemic-theoretical approaches, but also invite a wider range of other contemporary socio-legal theories and methods. The reader is asked to find the contrasts and complementarities between these diverse viewpoints. The book is organized in four main parts: one presenting some theoretical and methodological discussions on how to couple sociological and legal theory with empirical research, under systemic approaches; the second one presents examples of empirical research adopting a socio-legal background to look to the legal, political and economic systems; a third one focuses on the problems of inclusion/ exclusion in contemporary society; the fourth and final session discusses researches concerning the legal process and legal organization.
“…From the point of view of judicialization, following notes by Manzo (2018Manzo ( , 2020, it is important to indicate that contractualists consider the discussion of financial issues in any other forum than that of international financial institutions inappropriate, 122 and the IMF did not include the role of jurisdictions in debt collection in its defended model. Undoubtedly, the contractualist regime model that accepts and favors judicialization does not concern itself with the construction of new specialized international organizations that intervene in restructuring processes in light of an international bankruptcy law.…”
This volume is part of a series of seminars, interviews and publications that the editors have been organizing in the endeavor of bringing a highly abstract and general theory of society – such as Niklas Luhmann’s social systems theory – closer to more detailed discussions concerning specific legal fields and problems, and linking empirical investigation to legal doctrines and theories. In this volume, we maintain the focus on systemic-theoretical approaches, but also invite a wider range of other contemporary socio-legal theories and methods. The reader is asked to find the contrasts and complementarities between these diverse viewpoints. The book is organized in four main parts: one presenting some theoretical and methodological discussions on how to couple sociological and legal theory with empirical research, under systemic approaches; the second one presents examples of empirical research adopting a socio-legal background to look to the legal, political and economic systems; a third one focuses on the problems of inclusion/ exclusion in contemporary society; the fourth and final session discusses researches concerning the legal process and legal organization.
“…Portanto, os estatutários entendem que essa confusão na análise do FMI -que trata como agentes semelhantes que essencialmente não são semelhantes e, ao mesmo tempo, reduz o campo da reestruturação à questão econômica que começa e termina no universo analítico de um idealizado, possibilitando inclusive a judicialização desses títulos por aqueles que se aproveitam da dimensão econômica como os fundos de cobertura. Do ponto de vista da judicialização, seguindo apontamentos por Manzo (2018Manzo ( , 2020, é importante indicar que os contratualistas consideram inadequada a discussão de questões financeiras em qualquer outro fórum exceto o das instituições financeiras internacionais 11 , sendo que o FMI não se preocupou em incluir no seu modelo defendido o papel das jurisdições nas cobranças das dívidas.…”
Este texto discute a relação entre a judicialização das dívidas soberanas e o processo de construção de um regime jurídico de reestruturação dos débitos a partir de uma literatura influenciada pela corrente sociológica da Teoria dos Sistemas Sociais. O recorte teórico se justifica diante das comunicações jurídicas produzidas na sociedade mundial, identificando as estruturas e os programas do direito que lidam com a complexidade cognitiva inerente ao jogo da Economia Política Internacional. A pesquisa se estrutura num estudo qualitativo, que analisa diferentes propostas relacionadas à construção de um regime jurídico vis-à-vis os casos judiciais. Num primeiro momento, o texto discute o conceito de regime jurídico internacional como uma constelação de arranjos administrativos construídos e declarados pelos Estados para coordenar suas expectativas e organizar o comportamento internacional à luz da fragmentação do direito global. Na sequência, o texto avança no estudo sobre os procedimentos do desenvolvimento de um regime jurídico a partir dos litígios das dívidas soberanas, com foco em propostas lideradas pelo Fundo Monetário Internacional e pelas Nações Unidas. Na etapa final, o texto pondera sobre as dinâmicas da Economia Política Internacional e o Direito, identificando que essas dinâmicas são abertas à contingência e marcadas por distintas comunicações especializadas, o que reforça a prevalência de potencial conflito entre as racionalidades institucionalizadas na sociedade mundial.
“…Estos sub-poemas, explicó NML, tienen "la finalidad de localizar bienes y cuentas, saber cómo Argentina mueve sus bienes a través de Nueva York y alrededor del mundo, e identificar con precisión los lugares y tiempos cuando esos bienes serían susceptibles de ser embargados y ejecutados" 50 . Los bancos, a petición de Argentina, revotaron estos sub-poemas, por lo que NML requirió la intervención de la Corte del MANZO (2018b) De igual modo, en octubre de 2010, NML solicitó que el juez Griesa decretase el incumplimiento de la cláusula contractual pari passu por parte de la Argentina. Esta demanda marcó un punto de inflexión en las estrategias hasta entonces desplegadas por los acreedores litigantes del default 2001: esto es así, porque éstos, a través de ella, en vez de solicitar un remedio de ejecución de tipo patrimonial (vgr.…”
Section: La Injunction De Nml: Argumentos De Las Cortes Intervinientes a Fin De Justificar Su Procedencia A La Luz De La Fsiaunclassified
Este artículo analiza el caso NML Capital vs República Argentina (2010-2016) en el marco del proceso histórico de dilución del amparo del principio de inmunidad soberana en la jurisdicción de Nueva York y traza un nexo lógico entre dicho proceso de dilución y la proliferación de acciones por parte de los "fondos buitre" en el mercado de deuda soberana.
PALABRAS CLAVEDeuda soberana, fondos buitre, principio de inmunidad soberana.
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