Jump to ContentJump to Main Navigation
Too Little, Too LateThe Quest to Resolve Sovereign Debt Crises$
Users without a subscription are not able to see the full content.

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

Show Summary Details
Page of

PRINTED FROM COLUMBIA SCHOLARSHIP ONLINE (www.columbia.universitypressscholarship.com). (c) Copyright University of Minnesota Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in CUPSO for personal use.date: 27 July 2021

Contractual and Voluntary Approaches to Sovereign Debt Restructuring

Contractual and Voluntary Approaches to Sovereign Debt Restructuring

There is Still More to do

(p.144) Chapter 7 Contractual and Voluntary Approaches to Sovereign Debt Restructuring
Too Little, Too Late

Richard Gitlin

Brett House

Columbia University Press

The international community made some important advances in recent years to reduce the costs of sovereign debt restructuring for debtors and creditors through improved contractual language for bond agreements and the reform of some International Monetary Fund (IMF) processes. Little, however, has been done to reduce the inhibitions debtor countries face in working proactively with creditors to prevent and treat sovereign debt distress. This chapter lays out a pragmatic work program to reduce the ex ante costs of sovereign debt restructuring, complemented by additional measures to mitigate the in medias res and ex post costs of restructuring. Wide-spread and even full implementation of these proposals would not create a perfect ecosystem for sovereign debt restructuring, but it would represent a significant improvement on the status quo.

Keywords:   Debt contracts, Sovereign Debt Restructuring

Columbia Scholarship Online requires a subscription or purchase to access the full text of books within the service. Public users can however freely search the site and view the abstracts and keywords for each book and chapter.

Please, subscribe or login to access full text content.

If you think you should have access to this title, please contact your librarian.

To troubleshoot, please check our FAQs, and if you can't find the answer there, please contact us .