What’s New?

What’s New About Sovereign Debt Restructuring?

Although sovereign defaults and debt restructurings are centuries-old, the nature of these phenomena continues to change, bringing a number of new aspects of sovereign debt to the forefront of discussion and debate. Indeed, a series of recent economic and legal developments in Europe and the United States have reanimated the sovereign debt debate – last opened up after the 2001 Argentine default – and made sovereign debt restructuring a priority issue on the IMF’s agenda and one of the most talked about issues in economic policymaking circles more generally. All of this has in turn prompted a rethink of how best to govern sovereign debt.

Subtopics for Comment

1. The Euro Zone Crisis and the Economic Dimension of Sovereign Debt Restructuring

2. The Argentina Case and the Legal Dimension of Sovereign Debt Restructuring

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Issues for Discussion

1. In terms of sovereign debt restructuring, what new lessons has the euro zone crisis offered? How can these lessons be learned to help prevent or manage future crises?

2. What are the main challenges that arise from the Argentina litigation? How might states and markets respond to these challenges?

3. What types of legal contracts should govern sovereign debt obligations? What types of provisions might they include?

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