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A New Approach to Sovereign Debt Restructuring

A New Approach to Sovereign Debt Restructuring »

Series: Pamphlet Series

Author(s): Anne Krueger

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 April 2002

DOI: http://dx.doi.org/10.5089/9781589061217.054

ISBN: 9781589061217

Keywords: debt restructuring, sovereign debt, sovereign debt restructuring, sovereign bonds, claims

In recent years there has been extensive discussion inside and outside the IMF on the need to develop a new approach to sovereign debt restructuring. Exploring ways to improve the sovereign debt restructuring proce...

Current Developments in Monetary and Financial Law, Vol. 4

Current Developments in Monetary and Financial Law, Vol. 4 »

Series: Seminar Volumes

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 November 2008

DOI: http://dx.doi.org/10.5089/9781589065079.072

ISBN: 9781589065079

Keywords: debt, central bank, creditors, restructuring, banking

The Legal Department and the Institute of the IMF held their ninth biennial seminar for legal advisors of IMF member countries' central banks, and the papers published in this volume are based on presentations made...

A New Approach to Sovereign Debt Restructuring

A New Approach to Sovereign Debt Restructuring »

Source: A New Approach to Sovereign Debt Restructuring

Series: Pamphlet Series

Author(s): Anne Krueger

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 April 2002

ISBN: 9781589061217

Keywords: debt restructuring, sovereign debt, sovereign debt restructuring, sovereign bonds, claims

Greater integration of capital markets and the shift from syndicated bank loans to traded securities have had a profound impact on the way that emerging market sovereigns finance themselves. Sovereigns incre...

The Need for a Sovereign Debt Restructuring Mechanism

The Need for a Sovereign Debt Restructuring Mechanism »

Source: A New Approach to Sovereign Debt Restructuring

Series: Pamphlet Series

Author(s): Anne Krueger

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 April 2002

ISBN: 9781589061217

Keywords: debt restructuring, sovereign debt, sovereign debt restructuring, sovereign bonds, claims

The Objective The objective of an SDRM is to facilitate the orderly, predictable, and rapid restructuring of unsustainable sovereign debt, while protecting asset values and creditors...

Core Features of a Sovereign Debt Restructuring Mechanism

Core Features of a Sovereign Debt Restructuring Mechanism »

Source: A New Approach to Sovereign Debt Restructuring

Series: Pamphlet Series

Author(s): Anne Krueger

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 April 2002

ISBN: 9781589061217

Keywords: debt restructuring, sovereign debt, sovereign debt restructuring, sovereign bonds, claims

What features of a legal framework would need to be in place in order to establish adequate incentives for debtors and creditors to agree upon a prompt, orderly, and predictable restructuring of unsustainabl...

The Role of the IMF

The Role of the IMF »

Source: A New Approach to Sovereign Debt Restructuring

Series: Pamphlet Series

Author(s): Anne Krueger

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 April 2002

ISBN: 9781589061217

Keywords: debt restructuring, sovereign debt, sovereign debt restructuring, sovereign bonds, claims

If appropriately designed and implemented, a sovereign debt restructuring framework would assist in achieving the IMF’s purposes in a number of respects. First, if such a framework facilitates an early restr...

The Legal Basis for a Sovereign Debt Restructuring Mechanism

The Legal Basis for a Sovereign Debt Restructuring Mechanism »

Source: A New Approach to Sovereign Debt Restructuring

Series: Pamphlet Series

Author(s): Anne Krueger

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 April 2002

ISBN: 9781589061217

Keywords: debt restructuring, sovereign debt, sovereign debt restructuring, sovereign bonds, claims

As discussed above, there would be a number of benefits in designing a mechanism where the decision-making process resembles features of the collective action clauses found in international sovereign bonds....

Conclusion

Conclusion »

Source: A New Approach to Sovereign Debt Restructuring

Series: Pamphlet Series

Author(s): Anne Krueger

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 April 2002

ISBN: 9781589061217

Keywords: debt restructuring, sovereign debt, sovereign debt restructuring, sovereign bonds, claims

The absence of a robust legal framework for sovereign debt restructuring generates important costs. Sovereigns with unsustainable debts often wait too long before they seek a restructuring, leaving both thei...

CHAPTER 1 Current Legal Aspects of Monetary Sovereignty

CHAPTER 1 Current Legal Aspects of Monetary Sovereignty »

Source: Current Developments in Monetary and Financial Law, Vol. 4

Series: Seminar Volumes

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 November 2008

ISBN: 9781589065079

Keywords: debt, central bank, creditors, restructuring, banking

In press articles and ministerial communiqués, the International Monetary Fund (IMF) is often listed among international financial institutions. Actually, the primary function of the IMF is not to provide fi...

CHAPTER 2 The International Monetary Fund and Current Account Convertibility

CHAPTER 2 The International Monetary Fund and Current Account Convertibility »

Source: Current Developments in Monetary and Financial Law, Vol. 4

Series: Seminar Volumes

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 November 2008

ISBN: 9781589065079

Keywords: debt, central bank, creditors, restructuring, banking

The experience of the pre–World War II years showed that, together with trade restrictions, exchange restrictions had a great damaging effect in the development and growth of world trade and thus on global p...