The German Federal Supreme Court dismisses claim by bondholders against Greece, denying jurisdiction on grounds of state immunity

The German Federal Supreme Court (Bundesgerichtshof) recently held that creditors cannot bring claims against the Hellenic Republic before the German courts in the context of Greece's debt restructuring in 2012 , finding that Greece enjoys immunity from jurisdiction before the German courts (decision of 8 March 2016; docket number VI ZR 516/14).

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Argentina cannot evade payments under its government bonds: German Court rejects suggestion of a general rule of international public law obliging all creditors to participate in debt restructuring with states in economic crisis

On 24 February 2015, the German Federal Court of Justice (“Bundesgerichtshof“) handed down two judgements which could have a significant impact on holders of government bonds. The Federal Court of Justice held that the Argentine Republic cannot refuse payment to private creditors under its government bonds (“Inhaberschuldverschreibung“) by invoking state necessity due to inability to pay.

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Rapid Response Seminar: ICJ Judgment in Germany v Italy (Jurisdictional Immunities of the State)

On 19 March 2012, Matthew Weiniger, Partner at Herbert Smith (London), will be speaking at a Rapid Response Seminar at the British Institute of International and Comparative Law.  The seminar will focus on the recent Judgment of the International Court of Justice in Germany v Italy concerning State immunity.  The panel will analyse why the ICJ rejected Italy’s arguments, whether it was right to do so, and the implications of this judgment for the development of the law of jurisdictional immunities and future claims against foreign states.

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