In an environment characterized by weak contractual enforcement, sovereign lenders can enhance the likelihood of repayment by making their claims more difficult to restructure ex post. We show however, that competition for repayment among lenders may result in a sovereign debt that is...

This paper provides an overview of key elements of Corporate Bankruptcy Codes and Practice around the world that are relevant to the debate on Sovereign Debt Restructuring. It highlights four components common to most bankruptcy reorganization institutions: a stay on debt collection efforts to...

This paper discusses payments arrears in the Russian Federation and Ukraine, with emphasis on the gas and electric power sectors. Payments arrears, which were triggered primarily by the dislocations experienced during the transition from a centrally planned to a market economy, have reached...