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Sovereign Debt Restructuring:Recent Issues and Reforms

Author

Listed:
  • Tapas Strickland

    (Reserve Bank of Australia)

Abstract

Over the past decade, 14 countries have undertaken a total of 18 debt restructurings. Concerns surrounding some of these restructurings have led policymakers and capital market participants to review their policies and practices on restructuring sovereign debt. In particular, court rulings as a result of litigation against Argentina have raised fears that a small minority of creditors could block or frustrate a restructuring deal even when it has been agreed to by a supermajority of creditors. This article outlines the case for strengthening the current approach to debt restructuring and assesses recent proposals put forward by the International Monetary Fund (IMF), sovereign governments and capital market participants.

Suggested Citation

  • Tapas Strickland, 2014. "Sovereign Debt Restructuring:Recent Issues and Reforms," RBA Bulletin (Print copy discontinued), Reserve Bank of Australia, pages 73-80, December.
    • Handle: RePEc:rba:rbabul:dec2014-09
    as

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    File URL: https://www.rba.gov.au/publications/bulletin/2014/dec/pdf/bu-1214-9.pdf
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