an American “state” is not the same thing as a UN-member sovereign “State” these are 2 different things When they ratified the Constitution, each of the 13 colonies gave up their total sovereignty and accepted a very limited form of self-government instead. Every state that entered the United States after that did so knowing that it would not be fully sovereign. they were required to transfer part of their sovereignty to the union itself. The rights they have transferred to the federal government are detailed in the Constitution. The remaining rights are reserved to the states, and the people.
There is no definition that is binding on all nations on the criteria for statehood.
the criteria are mainly political, not legal
International law defines sovereign states as neither dependent or non subjected to any other power or state & political entity having a permanent population, one government, with sovereignty over defined territory, and the capacity to enter into relations with other sovereign states & can exist without being recognized by other sovereign states but will often find it hard to exercise full treaty-making powers and engage in diplomatic relations with other sovereign states. & the inviolability of borders and non-interference in the domestic affairs of sovereign states.
1648 Westphalian sovereignty, is a principle in international law that each state has exclusive sovereignty over its territory. as a set of state sovereignty peace treaties ending the European wars of religion & each Formally recognizing the independence of the others through a diplomatic congress.
the Montevideo Convention of 1933. defines the state as
a person of international law if it "possess[es] the following qualifications: (a)
a permanent population; (b) a defined territory; (c) government; and (d)
a capacity to enter into relations with the other states"
so long as it was not "obtained by force whether this consists in
the employment of arms, in threatening diplomatic representations, or
in any other effective coercive measure"
the constitutive theory of statehood defines it only if it is recognized as sovereign by other states as a state as a person under international law
declarative definition is consider themselves sovereign & have a declaration of independence
states are non-physical juridical entities, Through recognition only and exclusively a State becomes an International Person and a subject of International Law
the UN definition recognized as a sovereign state by at least one UN member state
"Sub national entities" created by international agreements
What Happens If A Country Goes Bankrupt, short answer is it can’t , as "bankrupt" is a legal status within or between states only applied to an individual or corporation , as part of the definition for a sovereign country or nation that makes it NOT a company or person , a Sovereign State recognizes its own currency as means of payment & you can't
Governments take a lot of loans from other countries & or banks
& then service that debt based on tax revenue. If tax revenues fall ,
if the country cannot produce enough to cover their own expenses
not paying principal or interest on government bonds when due &
When a country fails to pay its creditors on time or just won’t service its national sovereign debt, defaulting on their sovereign obligation, it is said to go into
A sovereign default, when a government suspends debt repayments
1500's Spain defaulted 4 times as inflation cut into the value of New World gold & silver
1876 Egypt, Urabi revolt / British invasion & the recent screw ups in Greece, & Argentina
is it is far harder for creditors to repossess assets of a sovereign entity
than to repossess the assets of a company or person
countrys & creditor alliances have threatened war or invaded as a result of defaults
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