| Since1990’s, sovereign debt crisis has drawn a lot of attentions as it happened frequently worldwide. At present, the Chinese government and private investors are mostly international lending creditors. There are many problems with existing settlement mechanism for sovereign debt, which is not enough to protect the rights of the creditor. Therefore, the study of these problems on protection of the creditors under the sovereign default mechanism has important theoretical and practical significance. From the perspective of creditor protection, this paper discusses how to protect the rights and interests of creditors under a sovereign default, especially under the sovereign debt restructuring.The paper analyzes the sovereign debt default and sovereign debt restructuring mechanism, and explore show to protect the creditors’rights and interests under sovereign debt default by using historical analysis method and comparative analysis method from the perspective of law.This paper is divided into four chapters besides introduction and conclusion. The introduction puts forward the topic background and research significance. The first chapter introduces the basic concept of sovereign debt restructuring, and expounds the traditional solution to the sovereign debt default by method of historical analysis. The second chapter expounds the content and characteristics of sovereign debt restructuring mechanism. The third chapter analyzes the contractual method to sovereign debt restructuring, that is, collective action clauses, especially the latest application of them. The fourth chapter discusses the feasibility and prospect of ICSID arbitration in solving the problem of sovereign debt default by analyzing the arbitration cases filed by the Italian bond holders against Argentina. |
