Events
NR EventThe Debt Debate: Event at IMF-World Bank Spring Meetings, April 15
The Debt Debate
“Oxford Style”
Does the World Need a Sovereign Debt Bankruptcy Process?
Wednesday, April 15 2:00-3:30 PM
@ World Bank I-Building, Room: I2-250
Sovereign debt crises are not new, but they have become increasingly difficult to resolve in the last two decades. There are also broad implications – from pension funds (and their pensioners) to financing the post-2015 sustainable development goals. As more countries gain access to private debt markets – using it to finance economic development – a predictable process to resolve debt problems will be essential. The debate is:What kind of predictable process is necessary?
There are two major camps: 1) a market-based process (i.e. contractual approach) and 2) bankruptcy process (i.e. statutory approach). Supporters of the market-based process assert that better contracts between creditors and borrowers can resolve the current deficiencies with debt workouts. Supporters of a bankruptcy process assert that better contracts are insufficient and that a statutory process is necessary to resolve sovereign debt problems appropriately.
This debate will feature 2 experts, one arguing FOR and one arguing AGAINST the motion:
The World Needs a Sovereign Debt Bankruptcy Process
AGAINST
Robert Kahn ,
Council of Foreign Relations
FOR
Matthew Martin ,
Development Finance International
Moderator:
Richard Gitlin
Centre for International Governance Innovation(CIGI)
Sponsored by:
New Rules for Global Finance Afrodad, Centre for International Governance Innovation, Development Finance International and Jubilee USA