Antonio Iannì

The Sovereign Insolvency as a Phenomenon of Imposed Legal Mutation the Conditionalities

  • Abstract

Informations and abstract

Keywords: Conditionalities; Sovereign; Default; Debt; Reforms.

This essay firstly describes the origin and the development of conditionalities policies adopted by the International Monetary Fund to face the crisis in both the balance of payments and the sovereign insolvencies. These conditionalities are aligned to a neoliberal approach and they follow the so-called «Washington Consensus» criteria. By analyzing the european financial crisis - especially the ones of Cipro and Greece - the essay explores the possibility that conditionality exists in Europe too, and analyses whether such a policy has authoritatively influenced the legal systems of countries that have faced the debt crisis in recent years. On this aspect, the essay finally argues whether the hegemonic role of Germany has created a sort of «Berlin Consensus».

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