채무 재조정과 민족문화 (Reconciliation for the Debt of the State)

서지정보

· 발행기관 : 영남대학교 민족문화연구소
· 수록지 정보 : 민족문화논총 / 36호 / 3 ~ 26페이지
· 저자명 : 권종걸, Cherif Heikal

초록

Reconciliation for the debt of a state is the process under which the state in difficulty of paying its debt declares suspension of the payment, and tries to reconcile the payment condition of the debt with creditors through negotiation. When private parties go bankrupt, the creditors can get partial payment in accordance with the procedure as set out in the bankruptcy law of the state. In comparison, reconciliation of the state's debt is harder and time consuming because it totally depends on the negotiation between the debtor state and creditors with no legal procedure to follow. The creditors who disagree with the reconciled debt resort to the legal action to get judgment in their favor. However, even if they win in the lawsuit, they often face difficulty in the execution against the property of the state, because the state can make impossible the execution against the state's property with the theory of Sovereign Immunity. In this sense, the reconciliation of the state's property is hardly approached by the legal procedure.
The total debt of the Republic of Iraq amounts to USD130Bil., among which the private debt was considered to be in the amount of USD22Bil. The reconciliation process of the Iraqi debt ended up with 80% write-off and payment of 20% for 17 years with 6 years grace period. The reconciliation of the Iraqi debt has some difference from the previous reconciliation cases for the state's debt as follows.
First, The United States, having its biggest interest in the revival of the Iraqi economy after the war against Iraq in 2003, proposed the basic idea for the reconciliation of the Iraqi debt and exercised its international influence for the reconciliation proposal to be accepted by the creditors.
Second, special group was formed by Iraqi government for the reconciliation of the Iraqi debt, in which famous financial institutions took part, and the group has systematically exercised the effective means necessary for the reconciliation.

영어초록

Reconciliation for the debt of a state is the process under which the state in difficulty of paying its debt declares suspension of the payment, and tries to reconcile the payment condition of the debt with creditors through negotiation. When private parties go bankrupt, the creditors can get partial payment in accordance with the procedure as set out in the bankruptcy law of the state. In comparison, reconciliation of the state's debt is harder and time consuming because it totally depends on the negotiation between the debtor state and creditors with no legal procedure to follow. The creditors who disagree with the reconciled debt resort to the legal action to get judgment in their favor. However, even if they win in the lawsuit, they often face difficulty in the execution against the property of the state, because the state can make impossible the execution against the state's property with the theory of Sovereign Immunity. In this sense, the reconciliation of the state's property is hardly approached by the legal procedure.
The total debt of the Republic of Iraq amounts to USD130Bil., among which the private debt was considered to be in the amount of USD22Bil. The reconciliation process of the Iraqi debt ended up with 80% write-off and payment of 20% for 17 years with 6 years grace period. The reconciliation of the Iraqi debt has some difference from the previous reconciliation cases for the state's debt as follows.
First, The United States, having its biggest interest in the revival of the Iraqi economy after the war against Iraq in 2003, proposed the basic idea for the reconciliation of the Iraqi debt and exercised its international influence for the reconciliation proposal to be accepted by the creditors.
Second, special group was formed by Iraqi government for the reconciliation of the Iraqi debt, in which famous financial institutions took part, and the group has systematically exercised the effective means necessary for the reconciliation.

참고자료

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