Reconciling the Irreconcilable? Sovereign Debt Restructuring and the Principles of International Law. A Law and Economics Perspective

This Thesis focuses on the principles of international law relevant to the resolution of legal disputes arising from sovereign insolvency conflicts. It attempts to contribute to the “incremental” approach literature by identifying principles, justifying their application in litigation and assessing whether they may help to reconcile the trade-offs prevalent in that context. For that purpose, this Thesis distinguishes between two different types of principles. First, it investigates the “Principles of Public International Law” (henceforth, “PIL principles”). Said category refers to norms of the law of nations which can be considered functionally and structurally similar to domestic constitutional principles (i.e., that can be regarded as “optimization” or “prima facie” requirements). This Thesis underscores the PIL principles protecting the interests of the creditors and citizens as well as the “public interest”, arguing that decision makers face a trade-off between these principles in the context of restructurings. Secondly, this Thesis inquires into the “general principles of domestic law” (henceforth, “GPDs”) which can be applied in sovereign debt restructuring. Two GPDs are identified: a “stay” on litigation and a “cram down” on dissenting creditors’ claims. Although both principles have been identified by the prior literature, this work advances a small but significant “twist” in the methodology used for that purpose: it relies exclusively on functional and comparative analysis. Moreover, this work justifies the application of said GPDs for two jurisdictions: New York and Germany. Finally, it posits that those GPDs can help to mitigate the trade-offs between PIL principles, thus reconciling the interests at stake.

Interfaces between national and EU law: time limits in cross-border civil proceedings and their impact on the free circulation of judgments

The thesis aims at exploring possible legal solutions to remove the obstacles to the free circulation of judgments in the civil justice area that arise from the remarkably diverging national rules on procedural time limits. As shown by the case-law of the CJEU, time limits have recently come under closer scrutiny. The interplay between national and EU law illustrates that time limits raise significant deficiencies connected with the right to a fair trial under Art. 6 ECHR and Art. 47 CFR – e.g. the effective recovery of claims, effective judicial protection, effective cross-border enforcement of judgments – which negatively impact EU cross-border civil litigation. In order to overcome some of the weaknesses of the current legal framework governing the cross-border enforcement of judgments and strengthen the parties’ fundamental procedural rights the PhD thesis intends to determine whether and, to what extent time limits can be harmonised at EU level. EU action on time limits would indeed favour the speed, efficiency and proportionality of cross-border proceedings without sacrificing the fairness of the judicial process and the equality of the parties

Geometric and Combinatorial Aspects of NonEquilibrium Statistical Mechanics

Non-Equilibrium Statistical Mechanics is a broad subject. Grossly speaking, it deals with systems which have not yet relaxed to an equilibrium state, or else with systems which are in a steady non-equilibrium state, or with more general situations. They are characterized by external forcing and internal fluxes, resulting in a net production of entropy which quantifies dissipation and the extent by which, by the Second Law of Thermodynamics, time-reversal invariance is broken. In this thesis we discuss some of the mathematical structures involved with generic discrete-state-space non-equilibrium systems, that we depict with networks in all analogous to electrical networks. We define suitable observables and derive their linear regime relationships, we discuss a duality between external and internal observables that reverses the role of the system and of the environment, we show that network observables serve as constraints for a derivation of the minimum entropy production principle. We dwell on deep combinatorial aspects regarding linear response determinants, which are related to spanning tree polynomials in graph theory, and we give a geometrical interpretation of observables in terms of Wilson loops of a connection and gauge degrees of freedom. We specialize the formalism to continuous-time Markov chains, we give a physical interpretation for observables in terms of locally detailed balanced rates, we prove many variants of the fluctuation theorem, and show that a well-known expression for the entropy production due to Schnakenberg descends from considerations of gauge invariance, where the gauge symmetry is related to the freedom in the choice of a prior probability distribution. As an additional topic of geometrical flavor related to continuous-time Markov chains, we discuss the Fisher-Rao geometry of nonequilibrium decay modes, showing that the Fisher matrix contains information about many aspects of non-equilibrium behavior, including non-equilibrium phase transitions and superposition of modes. We establish a sort of statistical equivalence principle and discuss the behavior of the Fisher matrix under time-reversal. To conclude, we propose that geometry and combinatorics might greatly increase our understanding of nonequilibrium phenomena.

Ex occulto carpere agmen: la guerriglia antiromana in Britannia e in Giudea

Scopo di questo lavoro è quello di analizzare le componenti tattiche, strategiche e sociali della guerriglia antiromana in Britannia e in Giudea, in un periodo che va dal I secolo a. C. al III secolo d. C., con l'obiettivo di mettere in luce la differente efficacia delle tattiche non ortodosse rispetto a quelle convenzionali; e di analizzare le risposte teoriche ed empiriche concepite dai Romani per affrontare questa forma di lotta. La tesi è stata articolata nel modo seguente: una prima parte analizza gli aspetti tattici, strategici e sociali della guerriglia e della controguerriglia, anche attraverso il metodo comparativo, mettendo cioè a confronto alcuni dei principali testi sulla guerra non convenzionale redatti in epoche e contesti diversi, dai quali si è cercato di delle costanti potenzialmente applicabili a qualsiasi periodo storico e a qualsiasi area geografica. Nella seconda parte si cerca di applicare tali costanti alla realtà storico – sociale dell'impero romano. Particolare attenzione è stata riservata al rapporto tra la mentalità romana, basata sul concetto di bellum iustum, e le tattiche non ortodosse. La terza e la quarta parte analizzano la resistenza antiromana in Britannia e in Giudea, mettendone in luce tutti gli aspetti, in particolare quelli legati alla guerriglia rurale, a quella urbana, al terrorismo, all'evoluzione della guerriglia da guerra per bande a guerra convenzionale e alla controguerriglia. La scelta di queste due province non è casuale. In province così lontane e diverse tra loro, Roma inviò spesso gli stessi generali esperti di controguerriglia. Questo particolare permette di notare la presenza, a Roma, di una grand strategy che, consapevole del fenomeno della guerriglia, ne affidò la repressione agli stessi generali, specialisti della controguerriglia, non esitando a spostarli, in caso di necessità, da un capo all'altro dell'impero.