Introduction

This article discusses defenses available to the debtor against enforcement of international loan agreements, in particular the eventual defenses of force majeure and change of circumstance. A review of available literature indicates that is topic is unusually unpopular with legal writers - though certainly not, since time immemorial, with debtors. While there is voluminous legal writer on excuses for nonperformance and contract renegotiation is international commercial agreements, there seems to be little extensive study of excuses for debtors in international loan agreements. ...