The aim of all debt restructuring programmes covered by the term menu approaches was the return of deeply indebted developing countries to the financial markets by means of a debt reduction policy substantially in conformity with market principles. At the same time, the provision of the new credits needed in order to finance the structural adjustment was to be ensured by a differentiation in the classes of creditors, as can be seen in the trend towards securitization of claims. However, the Mexico Agreement concluded at the beginning of February 1990 revealed the lack of interest of most commercial banks in supplying new credits. This was only to be expected, in view of the heavy losses of the commercial banks on credits to ailing Third World countries. Evidently, the creditor banks will only be willing to become involved in fresh money commitments if they are granted preferential payment from the foreign exchange earnings secured by the transactions or if they are offered a privileged position in the innovative arrangement of corporate finance products. This is the case, for example, in regard to participation in debt-equity programmes, debt-for-bond swaps or financing on the capital market.

War zones have long ceased to be a novelty, but they remain a legal enigma. Although existing for almost a century, the issue remains unsettled, feeding prolonged legal speculation. The question of the legality of war zones typifies the kind of legal controversies with which a potential codification attempt for the laws of naval warfare will have to cope. The problem arises when an antiquated body of law intersects proliferating State practice which runs contrary to its dictates, when new realities come to upset fundamental principles of humanitarian law.

Under the early common law, a mortgage often took the form of a fee simple conveyance to the lender, subject to defeasance in favor of the borrower if the debt were repaid on time and in full. Before equity intervened, any failure by the borrower to fulfil the exact terms of the mortgage worked a complete forfeiture of the borrower's interest in the property. Lenders confronted with a choice between what is right and what is legal signalled their choice by meticulous preparation for court proceedings. Defaulting widows and their children were left with devastating cause for sorrow, but no cause of action against the foreclosing mortgagee.

The Federal Republic of Germany has enacted a new civil liability law. The Environmental Liability Act of 1990 provides a civil damages remedy for wrongful death, personal injury, or property damage caused by an environmental impact Under the ELA, operators of certain named facilities are strictly liable for emissions causing such injuries. Thus, the ELA supplements the several remedies already available against polluters under prior legislation. New in the ELA is a single statutory scheme of strict liability for damage stemming from impact on all three elements — water, soil, and air.

The concept ‘codification’ can be understood in many senses. In this article ‘codification’ indicates a legislative product in which a specific, discrete area of law is regulated as comprehensively as possible.

After the successful conclusion of the Third UN Conference on the Law of the Sea, a number of developing countries outside the Antarctic Treaty System began to pay increasingly close attention to Antarctica. It was said that there were abundant valuable resources there; the Antarctic Treaty Consultative parties (ATCPs) began to negotiate an Antarctic minerals regime. They suggested that the concept of the common heritage of mankind (CHM), applicable to the international sea-bed area, be expanded to apply to Antarctica, particularly to its resources. These countries raised the curtain on debating the question of Antarctica at the UN forum, and made the following question a subject for discussion by the international community: does the concept of CHM apply to Antarctica, and, if so, to what extent? This question has represented one of the strongest external challenges to the Antarctic Treaty System (ATS); indeed, it has been the central focus in the development of interest in the Antarctic minerals regime.

Immovables, being part of the State territory and serving as the basis of many activities, possess great economic, political and strategic importance in every country. Consequently, governments are often unfavourable towards the possibility of aliens appearing as owners of immovable property situated on their territory. In Yugoslavia as well, until quite recently, the rights of aliens in this domain were extremely limited, which was reflected in the inclusion of this country in the group of countries cited in comparative studies as being rare representatives of the system of complete prohibition on the acquisition of immovables by aliens. The mounting criticism of the over-protective rules led to an unexpectedly broad liberalization in this field.