Throughout history states regularly have faced severe economic distress and debt crisis. Debt crisis have enormous negative consequences for the state and its citizens as it typically entails a growth in unemployment numbers and cuts in public spending which again means cuts in social security benefits, in healthcare services and in education.
The direct and indirect cost of the Covid-19 pandemic has resulted in a steep increase in unsustainable debt burden, in particular in the Global South. The challenge is that, when a state faces a debt crisis, it cannot seek protection from any insolvency or bankruptcy procedures under national or international law, like private companies do. Instead, a state debtor typically has to reach out to all its different creditors to renegotiate the terms of the outstanding debt obligations, so as to make the debt burden manageable.
The lecture will explores the interaction of public and private law in the legal framework governing sovereign debt crisis resolution. In particular, it will fous on how public international law causes challenges but also possibilities to sovereign debt crisis resolutions.
The event will be moderated by Professor Cecilia M. Bailliet.
About Astrid Iversen
Astrid Iversen is an Associate Professor in Law at Inland Norway University of Applied Sciences. She is currently on leave from this position to do research as a postdoctoral fellow in the research project Central banks expanded role in financial markets in times of crisis, a collaboration between the faculty of law at the University of Oslo and Inland Norway University and funded by Finansmarkedsfondet (managed by the Norwegian Research Council).
Astrid holds a Master's degree (2015) and a Ph.D. (2020) in law from the University of Oslo. The master includes a specialisation in financial markets law and international economic law from ESADE/Ramon Llull, Barcelona (2013). During her Ph.D. she was a visiting researcher at the Lauterpacht Centre for International law and a Visiting Fellow at Jesus College, University of Cambridge. The title of the Ph.D.- is 'Intercreditor equity in sovereign debt restructuring' (forthcoming on Oxford University Press).
Astrid has previously worked as an associate lawyer in the area of capital markets law, served as the secretary to the complaints board for auditor and accountant cases (Norway). She is currently a member of the board of The Norwegian Banks' Guarantee Fund.
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Meeting ID: 616 0933 3442