Guest post: Ukraine’s debt — now comes the interesting bit | FT Alphaville:
"When your creditor takes some of your territory — can you make that territory take some of your debt? Mitu Gulati, a law professor at Duke University, last wrote for us on Russia’s $3bn Ukrainian bond. With Russia reinforcing its annexation of Crimea, Mitu considers Ukraine’s options with its debt after the secession.
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From the standpoint of international financial law, now comes the interesting bit.
One of the murkier aspects of public international law relates to the allocation of the debts of a previously unified country that either breaks apart voluntarily (see the USSR, Yugoslavia, Czechoslovakia, etc) or involuntarily (see Pakistan/Bangladesh circa 1971). Although breakups and combinations of political units have been going on for millennia, the legal principles governing the allocation of the debts of a previously unified state remain inconsistent.*"
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