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Too Little, Too LateThe Quest to Resolve Sovereign Debt Crises$
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Martin Guzman, José Antonio Ocampo, and Joseph E. Stiglitz

Print publication date: 2016

Print ISBN-13: 9780231179263

Published to Columbia Scholarship Online: January 2017

DOI: 10.7312/columbia/9780231179263.001.0001

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A Brief History of Sovereign Debt Resolution and a Proposal for a Multilateral Instrument

A Brief History of Sovereign Debt Resolution and a Proposal for a Multilateral Instrument

Chapter:
(p.189) Chapter 10 A Brief History of Sovereign Debt Resolution and a Proposal for a Multilateral Instrument
Source:
Too Little, Too Late
Author(s):

José Antonio Ocampo

Publisher:
Columbia University Press
DOI:10.7312/columbia/9780231179263.003.0011

The chapter provides a history of debt crises resolution and the rise of the current “non-system,” which mixes the Paris Club for official debts, voluntary renegotiations with private creditors and occasional ad hoc debt-relief initiatives (the Brady Plan and Highly-Indebted Poor Countries and Later Multilateral Debt Relief Initiatives). This system, he argues, not only provides inadequate solutions but does not guarantee equitable treatment, neither of different debtors nor of different creditors. He then proposes a multilateral mechanism for sovereign debt restructuring that offers a sequence of voluntary negotiations, mediation and eventual arbitration with pre-established deadlines, similar in a sense to the World Trade Organization’s dispute settlement mechanism.

Keywords:   Sovereign Debt Crises Resolution, Multilateral Mechanisms

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