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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 Framework for Sovereign Debt Restructuring

Toward a Framework for Sovereign Debt Restructuring

What can Public International Law Contribute?

(p.241) Chapter 14 Toward a Framework for Sovereign Debt Restructuring
Too Little, Too Late

Robert Howse

Columbia University Press

Chapter 14: analyzes some of the possible elements of an international law approach to a multilateral framework for sovereign debt restructuring. The chapter draws extensively from the deliberations and publications of the UNCTAD Working Group. He proposes the creation of a “counter-framework” using soft-law instruments of a kind generated by various UN processes and institutions, including the International Law Commission (ILC), UNCITRAL, and UNCTAD. The “counter-framework” would offer different norms, fora, legal mechanisms, expertise and analyses to those that dominate the existing informal framework (IMF, Paris Club, US Treasury, financial industry associations, private law firms, creditors’ groups, etc.). It would offer alternatives for borrower-lender relationships and the restructuring of debt, alternatives which if the analysis of this chapter (and the other chapters of this book) is correct, would benefit both sovereign debtors and creditors. This proposal might be of particular interest to states that could be sources of new finance and do not want to keep with the existing informal framework (like perhaps China).

Keywords:   Sovereign Debt Restructuring, Public International Law

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