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ජාජබෙ රෙදි ඉල්ලෙ!
- Thread starter uttappu
- Start date
Nothing. As it had happened to Argentina too. In any event there is no obligation to bond holders to agree to restructure and they can be 'hold out' and institute collective actions and these clauses are now common and latest version of such clauses are in both NY and London bonds. These are too complex issues! but in simple terms,
If they get the judgment finally, there are no Sri Lankan Assets abroad to execute and get the money. Our Embassy properties are all immune due to Diplomatic Immunity. I do not know whether these judgments can be executed in Sri Lanka under reciprocal enforcement of foreign judgments. For this again they needs to come to SL courts for execution and there will be issues such as 'against public policy' of SL. These ese are new areas that are yet to be explored !
So it will be a paper judgment, but this will have an effect on debt restructure and that will depend on what happens in future at debt restructure negotiations. Obviously , this makes debt restructure more complex issue and difficult , too. So not a good thing, but beggars can not be choosers !
If they get the judgment finally, there are no Sri Lankan Assets abroad to execute and get the money. Our Embassy properties are all immune due to Diplomatic Immunity. I do not know whether these judgments can be executed in Sri Lanka under reciprocal enforcement of foreign judgments. For this again they needs to come to SL courts for execution and there will be issues such as 'against public policy' of SL. These ese are new areas that are yet to be explored !
So it will be a paper judgment, but this will have an effect on debt restructure and that will depend on what happens in future at debt restructure negotiations. Obviously , this makes debt restructure more complex issue and difficult , too. So not a good thing, but beggars can not be choosers !
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