Sovereign Debt and Human Rights

ISBN : 9780198810445

Ilias Bantekas; Cephas Lumina
640 ページ
171 x 246 mm

Sovereign debt is necessary for the functioning of many modern states, yet its impact on human rights is underexplored in academic literature. This volume provides the reader with a step-by-step analysis of the debt phenomenon and how it affects human rights. Beginning by setting out the historical, political and economic context of sovereign debt, the book goes on to address the human rights dimension of the policies and activities of the three types of sovereign lenders: international financial institutions (IFIs), sovereigns and private lenders.

Bantekas and Lumina, along with a team of global experts, establish the link between debt and the manner in which the accumulation of sovereign debt violates human rights, examining some of the conditions imposed by structural adjustment programs on debtor states with a view to servicing their debt. They outline how such conditions have been shown to exacerbate the debt itself at the expense of economic sovereignty, concluding that such measures worsen the borrower's economic situation, and are injurious to the entrenched rights of peoples.


Ilias Bantekas and Cephas Lumina: Introduction
I: The Historical, Economic and Political Context of Sovereign Debt
1 Kim Oosterlinck: The Historical Context of Sovereign Debt
2 Rosa Maria Lastra and Vassilis Paliouras: Sovereign Debt Crises: A Problem of Debt Management?
3 Arturo Porzecanski: The Importance of Upholding Creditor Rights
II: Sovereign Debt Financing: Institutions and Modalities
4 Mauro Megliani: Private Loans to Sovereign Borrowers
5 Sara L Seck and Daniela dos Santos: Export Credits, Sovereign Debt, and Human Rights
6 Maria Jose Romero and Bodo Ellmers: The Financial and Social Cost of Public Private Partnerships
7 Matthias Goldman: Foreign Investment and Sovereign Debt
8 Aline Darbellay Suso: The Role of Credit Rating Agencies
III: The Impact of Sovereign Debt on Human Rights
9 Cephas Lumina: Sovereign Debt and Human Rights: Making the Connection
10 Olivier De Schutter: The Burden of Foreign Debt, Food Sovereignty and the Right to Food
11 Tim Jones: Debt and the Right to Health
12 Ilias Bantekas: Debt and its Impact on the Right to Education
13 Gail Hurley: Debt and the Right to Development
14 Ilias Bantekas: Debt and the Right to Self-Determination
15 Juan Pablo Bohoslavsky and Franz Ebert: Debt Crises, Economic Adjustments, and Labour Standards
16 Sarah Joseph: The Impact of Debt on Civil and Political Rights
17 Cephas Lumina and Mulesa Lumina: Illicit Financial Flows, Sovereign Debt, and Human Rights
IV: The Impact of Economic Adjustment Policies on Human Rights
18 Barry Herman: Towards a More Ethical Lending to Sovereigns
19 Alex Kentikelenis and Thomas Stubbs: Conditionality and Debt Relief: An Overview
20 Ben Warwick: Austerity Measures and Human Rights
21 Cephas Lumina: Privatization and Human Rights
V: Human Rights-Based Responses to Sovereign Debt Crises
22 Cephas Lumina and Kate Lappin: The Impact of Austerity on Women
23 Robert Howse and Margot Salomon: Sovereign Debt as Odious/Illegitimate: Perspectives from International Law and Human Rights
24 Martin Guzman and Joseph Stiglitz: A Human Rights-Based Approach to Debt Sustainability
25 Ilias Bantekas: An International Sovereign Debt Restructuring Mechanism
26 Maria Lucia Fatorelli: Citizen Debt Audits
27 Eric Le Compte: Dealing with Holdout Creditors (Vulture Funds)
28 Francesco Seatzu: Ensuring Sustainable Financing through Domestic Resource Mobilisation
29 Ilias Bantekas: Unilateral Default and Debt Repudiation as a Human Rights Defence
Ilias Bantekas and Cephas Lumina: Conclusion


Ilias Bantekas FCIArb is Professor of International Law and Arbitration at Brunel and Northwestern (HBKU Qatar) universities and a senior fellow at the Institute of Advanced Legal Studies of the University of London. He has consulted governments, international organisations, private clients and NGOs in most areas of international law and regularly acts as arbitrator. Key works include: International Human Rights Law and Practice (2nd ed, CUP 2016 with L Oette); International Law (3rd ed, OUP 2017, with E Papastavridis); and Introduction to International Arbitration (CUP 2015).; Cephas Lumina is full Research Professor of Law at the University of Fort Hare, an Extra-Ordinary Professor of Human Rights Law at the Centre for Human Rights, University of Pretoria, an Advocate of the High Court of Zambia and the former United Nations Independent Expert on the effects of foreign debt and other related international financial obligations of States on the full enjoyment of all human rights, particularly economic, social and cultural rights (2008-2014). His work, particularly the UN Guiding Principles on Foreign Debt and Human Rights, is considered as having changed the political and legal landscape in the area of sovereign debt and human rights. He has consulted for various regional and international organisations, governments and non-governmental organisations on human rights and related issues. He is currently a Member of the United Nations Committee on the Rights of the Child (2017-2021).