Cornell Law Review Volume 104 Issue 6 September 2019 Article 5 9-2019 Incorporating the Fresh Start into Sovereign Debt Restructuring through Odious Debt Matthew B. Masaro Cornell Law School Follow this and additional works at: https://scholarship.law.cornell.edu/clr Part of the Bankruptcy Law Commons Recommended Citation Matthew B. Masaro, Incorporating the Fresh Start into Sovereign Debt Restructuring through Odious Debt, 104 Cornell L. Rev. 1643 (2020) Available at: https://scholarship.law.cornell.edu/clr/vol104/iss6/5 This Note is brought to you for free and open access by the Journals at Scholarship@Cornell Law: A Digital Repository. It has been accepted for inclusion in Cornell Law Review by an authorized editor of Scholarship@Cornell Law: A Digital Repository. For more information, please contact
[email protected]. NOTE INCORPORATING THE FRESH START INTO SOVEREIGN DEBT RESTRUCTURING THROUGH ODIOUS DEBT Matthew B. Masarot INTRODUCTION .......................................... 1644 1. THE FRESH START IN CONSUMER BANKRUPTCY ........ 1645 A. (Socio)Economic Policy Rationales ............ 1647 B. Morality-Based Policy Rationales ............. 1650 1. Debts Exempt from Discharge............ 1652 II. SOVEREIGN DEBT, INSOLVENCY, AND DEFAULT ........ 1653 A. What is Sovereign Debt? ..................... 1653 B. Sovereign Default and Recourse? ............ 1655 1. Sovereign Debt Dischargeability.......... 1658 III. THE FRESH START AS A POLICY OBJECTIVE FOR SOVEREIGNS ................................... 1659 A. Economic Policy Rationales for a Sovereign Fresh Start Policy .......................... 1660 B. Morality-Based Policy Rationales for a Sovereign Fresh Start Policy ................. 1664 1. InternationalLaw and Sovereign Debt..... 1665 IV. THE ODIOUS DEBT DOCTRINE ..................... 1667 A. The Odious Debt Doctrine as a Moral Obligation ................................... 1668 1. The U.S. Bankruptcy Code and Odious Debt....................................