Читать книгу Retos y desafíos de las garantías reales - Abel B. Veiga Copo - Страница 69

Christoph G. Paulus

Professor of Law (Retired)

Humboldt-Universität of Berlin

Counselor at White & Case, Berlin

SUMARIO: I. General observations on any credit relationship. 1. The term “creditor”. 2. The interrelationship of law and time. 3. Credit relationship. II. CREDITORS OF A SOVEREIGN. 1. Why do sovereigns raise loans? And from whom? 1.1. Internal resources. 1.2. External resources. 1.2.1. Fellow states. 1.2.2. Private banks. 1.2.3. Multilateral institutions. 1.2.4. Private sector. 2. The private sector in times of difficulties. 2.1. Statutory vs. contractual approach. 2.2. Collective Action Clauses. 2.2.1. Step 1 in the evolution. 2.2.2. Step 2 in the evolution. 2.2.3. Step 3 in the evolution. 2.2.4. Step 4 in the evolution. 2.2.5. Summary. III. CONCLUSION.

Given the fundamentality of secured credit throughout the times and places, it seems to be appropriate to start with (A) a few general remarks on the creditors’ role in any credit relationship for a better orientation regarding the more specific issues in a situation where a state is the debtor. These rather general observations will inevitably bring us into another, even more fundamental relationship – that between law and time. By having defined thus the function, role and position of a creditor in a credit relationship, we will turn then (B) to the core subject of this presentation, i.e. the creditors of a state.