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Lack of support for the Sovereign Debt Restructuring Mechanism (SDRM) discussion at the IMF a decade ago has encouraged several debt NGOs to actively advance proposals for sovereign debt arbitration - a bankruptcy-type arbitral tribunal to handle sovereign debt disputes in a collective manner....
Persistent link: https://www.econbiz.de/10013088614
The Eurozone official sector has declared that the belated restructuring of Greek bonds held by private sector creditors in 2012 was a “unique and exceptional” event, never, ever to be repeated in any other Eurozone country. Maybe so. But if this assurance proves in time to be as fragile as...
Persistent link: https://www.econbiz.de/10013064681
The history of sovereign debt lending and borrowing goes back to ancient times. Sovereigns borrow money for reasons similar to individuals. The vital difference between the two however, is one of recovery. Unlike individuals, a sovereign's assets may not be seized and liquidated for recovery of...
Persistent link: https://www.econbiz.de/10013066579
The European sovereign debt crisis has generated a number of controversial restructuring proposals that would have seemed appropriate only for emerging markets just a few years ago, but now are among the few options available to sustain the Eurozone. The leading proposal involves legislation...
Persistent link: https://www.econbiz.de/10013066918
The Great Recession has brought greater sovereign debt defaults, which in turn have brought a surfeit of academic explorations and policy discussions of sovereign debt restructuring. The purpose of this article is to offer yet one more idea for the hopper of what to do with the seemingly...
Persistent link: https://www.econbiz.de/10013075601
What difference does it make, and for whom, whether the nonperforming debts of emerging market borrowers are restructured? This paper begins by positing a set of counterfactual conditions under which restructuring would not matter, and then shows how several ways in which the actual world of...
Persistent link: https://www.econbiz.de/10012471039
This paper calls attention to the role of the secondary market in shortening the duration of sovereign debt renegotiation. Consider a dynamic bargaining game with incomplete information between a government and creditors. The creditors' reservation is private information, and the government...
Persistent link: https://www.econbiz.de/10013153045
Sovereign debt restructurings do constitute a recurrent phenomenon in emerging and developing economies. Consequently, the international community has repeatedly explored options to increase the predictability and orderliness of debt workouts, of which the debate on the Sovereign Debt...
Persistent link: https://www.econbiz.de/10012723533