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Comprehensive, Fair and Speedy Resolution of Sovereign Debt Crises through New Law in Capital-market Countries

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  • Barry Herman

    (Social Justice in Global Development)

Abstract

This article outlines an approach under consideration in the New York State legislature for bringing all restructuring creditors of a debt crisis country together for simultaneous negotiation of comparable relief, in contrast to the current protracted, sequential and non-transparent negotiations. The approach would be strengthened if other capital market jurisdictions adopted similar legislation, which they could prepare together as a ‘model law’. The article also reviews laws and proposals in certain capital-market countries to deter non-cooperating private investors from exploiting existing workout vulnerabilities.

Suggested Citation

  • Barry Herman, 2024. "Comprehensive, Fair and Speedy Resolution of Sovereign Debt Crises through New Law in Capital-market Countries," Development, Palgrave Macmillan;Society for International Deveopment, vol. 67(3), pages 178-186, December.
    • Handle: RePEc:pal:develp:v:67:y:2024:i:3:d:10.1057_s41301-024-00413-7
    DOI: 10.1057/s41301-024-00413-7
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