Bolton, Patrick; Gulati, Mitu; Panizza, Ugo - 2020
default territory. But the existing playbook for dealing with multi-sovereign emerging market debt crises is blank. The only … debt crisis scenario we know is protracted country-by-country and contract-by-contract negotiated workouts. As of this … writing, expert groups are working on the design of a mechanism to run multiple sovereign debt workouts simultaneously. Those …