{"id":55836,"date":"2015-01-15T09:03:53","date_gmt":"2015-01-15T08:03:53","guid":{"rendered":"https:\/\/www.nzp.de\/?p=55836"},"modified":"2026-08-14T09:07:13","modified_gmt":"2026-08-14T07:07:13","slug":"rights-to-refuse-performance-in-the-case-of-government-bonds","status":"publish","type":"post","link":"https:\/\/www.nzp.de\/tr\/devlet-tahvillerinde-ifayi-reddetme-hakki\/","title":{"rendered":"Devlet Tahvillerinde \u00d6demeyi Reddetme Hakk\u0131"},"content":{"rendered":"
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Ne bir devletin ilan etti\u011fi \u00f6deme moratoryumu ne de di\u011fer tahvil sahipleriyle yap\u0131lan bor\u00e7 yeniden yap\u0131land\u0131rma anla\u015fmalar\u0131, uluslararas\u0131 hukuk kapsam\u0131nda ifay\u0131 reddetme hakk\u0131 do\u011furmaz.<\/div>\n
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Daval\u0131 devlet olan Arjantin, 1997 y\u0131l\u0131nda toplam nominal tutar\u0131 1 milyar DM olan 8% Deutsche Mark tahvilini (1997\/2009) ihra\u00e7 etmi\u015ftir. Tahvil \u015fartlar\u0131nda Alman hukukunun uygulanaca\u011f\u0131 ve yarg\u0131 yerinin Frankfurt am Main olaca\u011f\u0131 belirtilmi\u015ftir. Arjantin, \u015fu anda devlet tahvilinin nominal tutar\u0131n\u0131 geri \u00f6demek ve faizini \u00f6demek konusunda direnmektedir. Davac\u0131 yat\u0131r\u0131mc\u0131, Arjantin\u2019in bir mali kriz nedeniyle ola\u011fan\u00fcst\u00fc hal ilan etmesinden ve bor\u00e7lar\u0131n\u0131 yeniden yap\u0131land\u0131rmak amac\u0131yla y\u00fck\u00fcml\u00fcl\u00fcklerin ve bor\u00e7 \u00f6demelerinin yeniden d\u00fczenlenmesi hakk\u0131nda bir kararnameyle d\u0131\u015f bor\u00e7 hizmetini ask\u0131ya almas\u0131ndan \u00f6nce s\u00f6z konusu devlet tahvillerini sat\u0131n alm\u0131\u015ft\u0131. \u00dclke, daha sonra di\u011fer alacakl\u0131larla da yeniden yap\u0131land\u0131rma anla\u015fmalar\u0131 imzalam\u0131\u015ft\u0131r.<\/div>\n
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Uluslararas\u0131 hukuk kapsam\u0131nda, bor\u00e7 yeniden yap\u0131land\u0131rmas\u0131n\u0131 reddeden s\u00f6zde \u201choldout\u201d alacakl\u0131lara kar\u015f\u0131 ifay\u0131 reddetme hakk\u0131, ne ilan edilen \u00f6deme moratoryumundan ne de di\u011fer alacakl\u0131larla imzalanan yeniden yap\u0131land\u0131rma anla\u015fmalar\u0131ndan do\u011fmaz. Almanya Anayasas\u0131\u2019n\u0131n 25. maddesi anlam\u0131nda, bir devletin, \u00f6zel bir ki\u015fiye kar\u015f\u0131, hukuken sak\u0131ncal\u0131 kabul edilen bir davran\u0131\u015fa dayanarak, vadesi gelmi\u015f \u00f6zel hukuk \u00f6deme taleplerinin yerine getirilmesini reddetme ve b\u00f6ylece o ki\u015fiyi, alacakl\u0131lar\u0131n \u00e7o\u011funlu\u011fuyla mutab\u0131k kal\u0131nan ihra\u00e7 edilmi\u015f devlet tahvillerinin yeniden yap\u0131land\u0131r\u0131lmas\u0131na kat\u0131lmaya zorlamak amac\u0131yla. Uluslararas\u0131 hukuk, devletler i\u00e7in bor\u00e7lar\u0131n tasfiyesi veya yeniden yap\u0131land\u0131r\u0131lmas\u0131na ili\u015fkin genel bir kural\u0131n t\u00fcretilebilece\u011fi tek tip bir iflas hukuku tan\u0131mamaktad\u0131r. Tahvil \u015fartlar\u0131nda g\u00fcn\u00fcm\u00fczde yayg\u0131n olarak yer alan Toplu Eylem H\u00fck\u00fcmleri de farkl\u0131 bir sonuca yol a\u00e7mamaktad\u0131r; aksine, tahvil \u015fartlar\u0131na ili\u015fkin \u00e7o\u011funluk kararlar\u0131n\u0131n al\u0131nabilmesi i\u00e7in bu h\u00fck\u00fcmlerin a\u00e7\u0131k\u00e7a kararla\u015ft\u0131r\u0131lmas\u0131 gerekmektedir.<\/div>\n
Uygulamaya ili\u015fkin not: Yeni tahvil ihra\u00e7lar\u0131nda, tahvil \u015fartlar\u0131nda Alman Bor\u00e7 Senetleri Kanunu\u2019nun (Schuldverschreibungsgesetz \u2013 SchVG) 5. maddesi ve devam\u0131 h\u00fck\u00fcmlerinin uygulanabilirli\u011finin a\u00e7\u0131k\u00e7a belirtilmesine \u00f6zen g\u00f6sterilmelidir. Bu, alacakl\u0131lar\u0131n tahvilin yeniden yap\u0131land\u0131r\u0131lmas\u0131n\u0131, t\u00fcm sahipler i\u00e7in ge\u00e7erli olacak \u015fekilde \u00e7o\u011funluk karar\u0131yla onaylamas\u0131na imk\u00e2n tan\u0131r.<\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"

Neither a payment moratorium declared by a state nor debt restructuring agreements concluded with other bondholders give rise to a right to refuse performance under international law. The defendant state, Argentina, issued an 8% Deutsche Mark bond 1997\/2009 in 1997 with a total nominal amount of DM 1 billion. The bond terms provided for the […]<\/p>\n","protected":false},"author":29,"featured_media":55838,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15],"tags":[],"class_list":["post-55836","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"acf":[],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\t