Interview ► ‘It’s unlikely that the US will accept to litigate vs Argentina at the ICJ’

Screen Shot 2015-04-15 at 19.22.38Interview with The Buenos Aires Herald to explain the basics of the case that Argentina tried to push against the US for alleged violations of its sovereignty. In a nutshell, sovereign debt is not necessarily a matter ruled by international law. It is ruled by the national (commercial) law of the jurisdiction chosen by the country which issued the debt. Many countries such as Argentina voluntarily submit to the jurisdiction of the courts of New York, but there is also debt issued under the laws of England or of Luxembourg. When doing so, countries often explicitly relinquish their sovereignty in those contracts. There is even jurisprudence (by the UK Supreme Court, for example) signalling that this renunciation of sovereignty is understood to be a tacit element of this type of contract.