Sovereign Debt Restructuring: New Articles, New Contracts--Or No Change?
It was at the National Economists' Club in November 2001 that Anne Krueger, first deputy managing director of the International Monetary Fund, threw down the gauntlet. "There is," she said, "a gaping hole [in the international financial architecture]-- we lack incentives to help countries with unsustainable debts resolve them promptly and in an orderly way. At present the only available mechanism requires the international community to bail out the private creditors. It is high time this hole was filled."
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"Coordination Failure, Moral Hazard and Sovereign Bankruptcy Procedures,"
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- Michelle White, 2002. "Sovereigns in Distress: Do They Need Bankruptcy?," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 33(1), pages 287-320.
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