Preferred Creditor Status under International Law: The Case of the International Monetary Fund
Preferred Creditor Status under International Law: The Case of the International Monetary Fund
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国际法下的优先债权人地位:国际货币基金组织案例
DOI:
10.1093/iclqaj/39.4.801
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发表时间:
1990
影响因子:
2
通讯作者:
R. Martha
中科院分区:
文献类型:
--
作者:
R. Martha
MANY sovereign nations facing a multitude of concurrent creditors but having limited foreign exchange are forced to decide whom and how much to pay first. The creditors who are not paid, while others receive payments by the indebted nations, feel discriminated and would like to be treated on the basis of equality. Some creditors may even go beyond that and claim preferential treatment. For instance, this is the case with the International Monetary Fund ("the Fund"). The question that results is whether international law offers any guidance in the matter of setting priorities in the settlement of external debts. The purpose of this article is to examine the possibilities for certain creditors of sovereign nations, specifically the Fund, to claim preferential treatment in external debt settlements. In order to do that, the following questions will be addressed: (i) whether general international law affords the status of preferred creditor to certain lenders or other creditors; (ii) how a status of preferred creditor can be acquired under (particular) international law; and (iii) the legal position of other creditors with respect to the preferential treatment of certain creditors. After discussing the Fund's claim of a preferred creditor status, the meaning of the term "preferred creditor" will be spelled out. Then, the question whether general international law affords the status of preferred creditor will be addressed. Subsequently, the question as to how such status can be acquired is discussed and some remarks will be made in relation to Article V, sections 2(a) and 4 of the Fund's Articles of Agreement. Finally, the position of other creditors will be discussed. A summary of the main conclusions will conclude the article.