L’émergence d’un « ordre public de la dette souveraine » pour et par le contrat d’emprunt souverain ? Quelques réflexions inspirées par une actualité très mouvementée

Abstract

The recent period has been rich in events highlighting the shortcomings of mechanisms for managing sovereign debt crises. Both the difficulties which Greece has been going through and the many litigious consequences of Argentina’s 2001 default have revealed the obstacles to implementing effective restructuring schemes and to neutralising proceedings brought by creditors not wishing to be part of them. Against this impression of disorder and impediments to the introduction of bankruptcy proceedings for states, the borrowing agreement appears to be the most suitable instrument for ensuring orderly management of problems of state solvency. In this context, it seems legitimate to question the emergence of a ‘ public order of sovereign debt’ the keystone of which would be this borrowing agreement between states and their creditors.