Читать книгу Retos y desafíos de las garantías reales - Abel B. Veiga Copo - Страница 81

As indicated supra, occasionally states have difficulties in settling their debts for various reasons. Unlike in a commercial scenario where the law body provides several tools for fixing the situation of the so-called common pool-problem –i.e. the situation in which the pool doesn’t contain sufficient means to satisfy all creditors in full, or in which this scenario is a likely threat– exists the realm of state indebtedness and financing no such thing as a regulated procedure or any legal guideline. Before 1956, there did not even exist any rules for the non-payment of sovereign loans. Accordingly, all sorts of reaction were possible and became applied46: beginning with the notorious canon boat-policy in which battleships literally threatened, e.g., the port of Caracas of shooting down unless the government of Venezuela fulfills her debt obligations47 up to begging for deferment of payment or reduction of interest rates.

Fairly often negotiations were entered into but their outcome very much depended (at least also) on external circumstances such as the debtor’s political, economic or strategic position48. It is fair to say that, for instance, Germany’s geopolitical position directly at the border to the what was called in times of the “cold war” east-block played an eminent role in the negotiations which resulted 1952 in the so-called London debt agreement49 which ended Germany’s insolvency after WW II and enabled the rise of the so-called “Wirtschaftswun-der”.