Resolving Sovereign Debt Crises: Towards a Fair and Transparent International Insolvency Framework
The global financial crisis has dramatically increased public debt to a point were a wave of state bankruptcies by some of the countries most affected by the crisis remains a real possibility. Despite long-standing experiences with sovereign insolvencies, no mechanism still exists that could summarily address such a new wave of sovereign over-indebtedness. The present study aims at guiding governments, parliamentarians, and an interested public in today’s critically indebted low- and middle-income countries in the global South to possible alternative crisis resolutions mechanisms. It explains the principles of an ad-hoc or an institutionalized international insolvency framework, and describes the possibilities to obtain political support and technical advice for countries, which may find themselves in need of an orderly debt-workout. It also provides a brief stylized agenda for a state insolvency process through international arbitration.
http://library.fes.de/pdf-files/iez/07497.pdf
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