- Anne Krueger
- Published Date:
- April 2002
© 2002 International Monetary Fund
Cover design: Luisa Menjivar-Macdonald
Composition: Alicia Etchebarne-Bourdin
Published April, 2002
To order additional copies of this publication, contact:
International Monetary Fund, Publication Services
700 19th Street, N.W., Washington, D.C. 20431, U.S.A.
Tel: (202) 623-7430 Telefax: (202) 623-7201
Much has been done to strengthen the architecture of the international financial system in the wake of the emerging market financial crises of the late 1990s, both in terms of crisis prevention and crisis management. But the lack of adequate incentives to ensure the timely and orderly restructuring of unsustainable sovereign debts has remained an important weakness. Staff and management of the IMF have been considering in recent months how to fill this gap, helped by suggestions from academics, the private creditor community, nongovernmental organizations, national authorities, and our Executive Board.
I have addressed the need for a new approach to sovereign debt restructuring in a number of speeches and articles in recent months, and the Board has discussed two substantive papers on the subject. This pamphlet is intended to draw together the latest state of our thinking in a single publication. Many colleagues at the Fund have contributed to our thinking on this issue, in particular Mark Allen, Jack Boorman, Robert Chote, Matthew Fisher, Timothy Geithner, Francois Gianviti, Gerd Haeusler, Sean Hagan, Alan MacArthur, and Brad Setser. My thanks to them for their contributions. The pamphlet was edited by Jeremy Clift of the External Relations Department.
Anne O. Krueger