In the quest of a Framework for Sovereign Debt Restructuring

Martin Guzman

No 2015-7, Documentos de trabajo del Instituto Interdisciplinario de Economía Política IIEP (UBA-CONICET) from Universidad de Buenos Aires, Facultad de Ciencias Económicas, Instituto Interdisciplinario de Economía Política IIEP (UBA-CONICET)

Abstract: Judge Thomas Griesa’s recent ruling in Argentina’s case has raised enormous questions in sovereign debt markets. The case is a symptom of the current flawed market-based system for resolving sovereign debt crises. It raises fundamental issues that the global community is addressing. This article provides background for the ongoing debate on how to fix the frameworks for sovereign debt restructuring. It focuses on three sets of questions: 1) Are there quick fixes, e.g. restoring concepts such as sovereign immunity, or improvements in the private contractual approach? 2) What are the most important improvements in the private contractual approach? To what extent will these solve the problem? Are they politically achievable? 3) To the extent that quick fixes and private contractual approaches do not do the tricks, there is an obvious need for a more collective approach. What would an ideal solution look like? Are there halfway houses, politically achievable?

Keywords: Sovereign Debt; Restructuring; Contractual Approach; Statutory Approach (search for similar items in EconPapers)
JEL-codes: F34 H63 K12 (search for similar items in EconPapers)
Pages: 15 pages
Date: 2015-03
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (6)

Downloads: (external link)
http://iiep-baires.econ.uba.ar/uploads/publicaciones/212/archivos/1.pdf (application/pdf)
Our link check indicates that this URL is bad, the error code is: 500 Can't connect to iiep-baires.econ.uba.ar:80 (nodename nor servname provided, or not known)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:ake:iiepdt:20157

Access Statistics for this paper

More papers in Documentos de trabajo del Instituto Interdisciplinario de Economía Política IIEP (UBA-CONICET) from Universidad de Buenos Aires, Facultad de Ciencias Económicas, Instituto Interdisciplinario de Economía Política IIEP (UBA-CONICET) Contact information at EDIRC.
Bibliographic data for series maintained by IIEP UBA-CONICET ().