New Proposals
New Proposals For Sovereign Debt Reform
In the wake of the euro zone crisis, and in the midst of the Argentina litigation, a number of new proposals for handling sovereign debt restructuring have been advanced, including the IMF’s recent proposal to reform its own lending framework. All of these proposals build on, or break from, the established statutory-versus-contractual dichotomy.
Subtopics for Comment
1. The IMF and Debt Reprofiling
4. Proposals from the Committee on International Economic Policy and Reform
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Issues for Discussion
1. From both a political and an economic point of view, how would you assess the pros and cons of the various proposals on the table?
2. Does the IMF’s proposal go far enough toward resolving the core problems associated with sovereign debt management and sovereign debt restructuring?
3. If debt reprofiling would have a similar effect as sovereign cocos, which approach is preferable and why?
4. Are the most ideal or desirable proposals also politically feasible? Going forward, how should the balance and/or tension between political, economic, and legal concerns be mediated?
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