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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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Toward a Multilateral Framework for Recovery from Sovereign Insolvency

Toward a Multilateral Framework for Recovery from Sovereign Insolvency

(p.206) Chapter 11 Toward a Multilateral Framework for Recovery from Sovereign Insolvency
Too Little, Too Late

Barry Herman

Columbia University Press

This chapter proposes that the UN General Assembly further develop a set of principles to guide governments and international institution creditors when restructuring sovereign debt and guide the IMF as representative of the international community in assessing restructuring needs. The principles would also guide national courts which would oversee restructuring of sovereign bonds and bank loans issued under national law. An innovative feature is that UNCITRAL would prepare a model law for national governments that would provide common guidance across jurisdictions for court supervision of restructuring of private claims. While sovereigns would continue to negotiate restructurings separately with each class of creditors, the indebted government or creditor groups could appeal the workout to the Permanent Court of Arbitration in The Hague for violating the principles.

Keywords:   sovereign debt, crisis resolution, debt restructuring, model law, UNCITRAL, international principles

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