Sovereign Debt Restructuring: New Articles, New Contracts--Or No Change?

Marcus Miller

No PB02-03, Policy Briefs from Peterson Institute for International Economics

Abstract: It was at the National Economists' Club in November 2001 that Anne Krueger, first deputy managing director of the International Monetary Fund, threw down the gauntlet. "There is," she said, "a gaping hole [in the international financial architecture]-- we lack incentives to help countries with unsustainable debts resolve them promptly and in an orderly way. At present the only available mechanism requires the international community to bail out the private creditors. It is high time this hole was filled."

Date: 2002-04
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