This paper provides an overview of the ongoing debate on the international Sovereign Debt Restructuring Mechanism (SDRM) architecture by highlighting two key aspects, the contractual and the statutory approach, while also alluding to alternatives that have been set forth, such as arbitration,...

This paper follows up on the Executive Board's December 2002 discussion of the design of the Sovereign Debt Restructuring Mechanism and seeks to make further progress on the formulation of a concrete proposal for a statutory sovereign debt restructuring mechanism

This chapter surveys some of the actors in sovereign debt restructurings. Millhouse’s quote above underscores the number and diversity of players in municipal insolvencies. Nevertheless, the number and heterogeneity of the actors involved in municipal and corporate bankruptcies pale in...

A central policy concern since the onset of the Greek debt crisis in 2010 has been whether sovereign debt restructurings trigger credit default swaps (CDS). For the first time since AIG threatened to default on its CDS in 2008, the Greek debt crisis returned CDS to the global spotlight. The...

Restoring a country's debt to a sustainable path after a sovereign debt restructuring is key to ensuring a credible and durable exit from the crisis. In recent years, a number of countries have restructured their sovereign liabilities, either following a default, or preemptively, to avoid a...

Die vorliegende Arbeit beschäftigt sich mit Schuldenverhandlungen von Entwicklungsländern, die in unterschiedlicher Art und Weise einer Vermittlung unterliegen. Ausgehend von dem Indonesischen Schuldenabkommen von 1970, das durch H. J. Abs vermittelt wurde, wird der Schritt zur Spieltheorie...