Comprehensive, Fair and Speedy Resolution of Sovereign Debt Crises through New Law in Capital-market Countries

Barry Herman ()
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Barry Herman: Social Justice in Global Development

Development, 2024, vol. 67, issue 3, 178-186

Abstract: Abstract This article outlines an approach under consideration in the New York State legislature for bringing all restructuring creditors of a debt crisis country together for simultaneous negotiation of comparable relief, in contrast to the current protracted, sequential and non-transparent negotiations. The approach would be strengthened if other capital market jurisdictions adopted similar legislation, which they could prepare together as a ‘model law’. The article also reviews laws and proposals in certain capital-market countries to deter non-cooperating private investors from exploiting existing workout vulnerabilities.

Keywords: Developing countries; Public debt; Economic crises; International law; Debt workouts; Financial markets (search for similar items in EconPapers)
Date: 2024
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DOI: 10.1057/s41301-024-00413-7

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