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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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Perspectives on a Sovereign Debt Restructuring Framework

Perspectives on a Sovereign Debt Restructuring Framework

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Chapter:
(p.231) Chapter 13 Perspectives on a Sovereign Debt Restructuring Framework
Source:
Too Little, Too Late
Author(s):

Richard A. Conn

Publisher:
Columbia University Press
DOI:10.7312/columbia/9780231179263.003.0014

Chapter 13: argues that the creation of an agreed upon framework that interacts with private party contracts or restricts contractual options ex ante is a logical alternative to the status quo. This approach can provide greater stability and efficiency in the restructuring process while allowing for sufficient flexibility and certainty for market participants. He claims that there are procedural frameworks that could add value to the restructuring process with less risk of treading on the political terrain of sovereigns. The chapter discusses the catalyst for recent efforts to create a framework for and the context for evaluating sovereign debt restructuring; a strategy to successfully adopt a framework that deals with problems that require resolution; highlights the deficiencies of relying solely upon private party contractual revisions; discusses practical impediments to a substantive law approach to sovereign debt restructuring; and finally, puts forward specific proposals for a consensual, procedural framework designed to earn broad political support.

Keywords:   Sovereign Debt Restructuring, Principles, Contracts

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