Sovereign Debt Crises and Multilateral Action Following the Rejection of the Krueger Proposal
The principle of restructuring sovereign bond issues via an appeal to collective action clauses, in a contractual manner, seems likely to become general usage. This follows the rejection of the International Monetary Fund’s proposal to create a “bankruptcy law for sovereign debtors”. Such clauses are both flexible and not very restrictive. But they do not settle the major issues involved in crisis management: i.e. coordination among the bearers of public debt, the relationship between such claims and the IMF, the link between financial negotiation and economic policy commitments by the country in question.
system of payments; monetary system; international lending; IMF
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