scholarly journals Sovereign Debt Restructuring: A Model-Law Approach

2015 ◽  
Vol 6 (2) ◽  
Author(s):  
Steven L. Schwarcz
Keyword(s):  
United Nations ◽  
International Monetary Fund ◽  
Sovereign Debt ◽  
The Political ◽  
International Treaties ◽  
Debt Contracts ◽  
Debt Restructuring ◽  
Ability To Pay ◽  
Model Law ◽  
The International Monetary Fund

AbstractUnlike individuals and corporations, countries indebted beyond their ability to pay cannot use bankruptcy laws to restructure unsustainable debt. The United Nations and the International Monetary Fund have attempted to propose treaties to enable that debt restructuring, but the political difficulties of reaching a worldwide consensus have stymied their efforts. This article argues that a model-law approach to restructuring unsustainable sovereign debt should be feasible and effective because the vast majority of sovereign debt contracts are governed by the laws of either the debtor-state or two other jurisdictions. Those jurisdictions individually could enact a model law to give struggling nations a real prospect of equitably restructuring their debt to sustainable levels. By enabling such debt restructuring, that enactment would also help to foster the norms required to facilitate the development of international treaties.

Reviving Troubled Economies

2003 ◽  
Vol 17 (2) ◽  
pp. 10-17
Author(s):  
Jack Boorman
Keyword(s):  
International Monetary Fund ◽  
Sovereign Debt ◽  
The Other ◽  
Major Goal ◽  
Debt Restructuring ◽  
General Proposition ◽  
The International Monetary Fund

There would be few dissenters from the general proposition that we should try to deal justly with debt. We have all watched in horror the collapse that has taken place in Argentina and the enormous cost paid by so many people in that country—as well as by the creditors of Argentina—from the massive financial and economic dislocation and disruption. I do not believe that what has occurred was inevitable.Unfortunately, some who address this issue of dealing with unmanageable debt situations have offered advice that, while emotionally appealing, is not operationally helpful. I will describe and justify the rationale and design of the proposal put forward by the International Monetary Fund for a Sovereign Debt Restructuring Mechanism (SDRM). Its major goal is to help reduce the unacceptably large costs associated with disorderly defaults by sovereign governments whose debt burdens have become unsustainable. The SDRM aims to get the countries' debts to sustainable positions and deal with the broader needs of the countries through the full array of aid and other mechanisms that are available— and, indeed, to enlarge and enhance these initiatives. I will also explain my misgivings about some of the other proposals, including the ones coming from the NGO community.

The Long March towards an International Legal Framework for Sovereign Debt Restructuring

2015 ◽  
Vol 6 (2) ◽  
Author(s):  
Yuefen Li
Keyword(s):  
United Nations ◽  
Sovereign Debt ◽  
Debt Crisis ◽  
Legal Framework ◽  
Debt Contracts ◽  
Debt Restructuring ◽  
Technical Problems ◽  
International Financial Architecture ◽  
The United Nations ◽  
Heating Up

AbstractThe lack of a formal sovereign debt restructuring legal framework has been considered by many as a serious deficit or missing link in the international financial architecture. However, even though the international debates on the topic have been going on for decades, heating up each time with the onset of a debt crisis and cooling down when the crises was contained, up to now such debates have not yet come to final fruition. Nevertheless the topic has never been put to sleep because of frequent and severe debt crises. These crises have never failed to demonstrate the need of a legal framework, even more so this time around. Yet, the international community chose to work on improvement of debt contracts even though it cannot redress the systemic and technical problems facing debt restructurings. In 2014, the United Nations started to work on a legal framework on debt restructuring facing political resistance and misconstrued fears of a legal framework. After more than a year’s hard work, the United Nations passed through vote a resolution on basic principles on debt restructuring processes. This is an important milestone, yet the march towards a formal legal framework is going to be long.

Selected Decisions and Selected Documents of the International Monetary Fund, Forty First Issue Supplement

2021 ◽  
Author(s):  
Keyword(s):  
United Nations ◽  
International Monetary Fund ◽  
International Organizations ◽  
Executive Board ◽  
Second Amendment ◽  
Board Of Governors ◽  
The International Monetary Fund ◽  
Frequent Reference ◽  
Made In ◽  
The Imf

This volume is the Forty-First Issue of Selected Decisions and Selected Documents of the IMF. It includes decisions, interpretations, and resolutions of the Executive Board and the Board of Governors of the IMF, as well as selected documents, to which frequent reference is made in the current activities of the IMF. In addition, it includes certain documents relating to the IMF, the United Nations, and other international organizations. As with other recent issues, the number of decisions in force continues to increase, with the decision format tending to be longer given the use of summings up in lieu of formal decisions. Accordingly, it has become necessary to delete certain decisions that were included in earlier issues, that is, those that only completed or called for reviews of decisions, those that lapsed, and those that were superseded by more recent decisions. Wherever reference is made in these decisions and documents to a provision of the IMF’s Articles of Agreement or Rules and Regulations that has subsequently been renumbered by, or because of, the Second Amendment of the Fund’s Articles of Agreement (effective April 1, 1978), the corresponding provision currently in effect is cited in a footnote.

20. International organizations in world politics

2016 ◽  
Author(s):  
Susan Park
Keyword(s):  
International Relations ◽  
United Nations ◽  
Case Studies ◽  
International Monetary Fund ◽  
International Organizations ◽  
World Politics ◽  
Democratic Deficit ◽  
The United Nations ◽  
The International Monetary Fund

This chapter examines the role that international organizations play in world politics. It explains what international organizations are, whether we need international organizations in international relations, and what constraints and opportunities exist for international organizations to achieve their mandates. The chapter also considers the reasons why states create international organizations and how we can analyse the behaviour of such organizations. Two case studies are presented: the first is about the United Nations Conference on Trade and Development (UNCTAD) and the G77, and the second is about the International Monetary Fund (IMF) and the interests of money-centre banks. There is also an Opposing Opinions box that asks whether international organizations suffer from a ‘democratic deficit’.

International Organization: Julius Stone: Conflict Through Consensus: United Nations Approaches to Aggression. N. M. Tripathi Pvt. Ltd., 1977, x, 234 p. Rs. 95.

1980 ◽  
Vol 36 (3-4) ◽  
pp. 406-417
Keyword(s):  
Social Justice ◽  
United Nations ◽  
International Monetary Fund ◽  
Dispute Settlement ◽  
International Organization ◽  
International Labour Organisation ◽  
De Vries ◽  
The United Nations ◽  
The International Monetary Fund ◽  
Labour Organisation

INTERNATIONAL ORGANIZATION: JULIUS STONE: Conflict Through Consensus: United Nations Approaches to Aggression. INTERNATIONAL ORGANIZATION: K. VENKATA RAMAN Ed.: Dispute Settlement Through the United Nations. INTERNATIONAL ORGANIZATION: MARGARET GARRITSEN DE VRIES, Ed.: The International Monetary Fund 1966–1971: Vol I: Narrative, (xxii) 693p.; Vol II: Documents, viii, 339p. INTERNATIONAL ORGANIZATION: S.N. DHYANI: International Labour Organisation and India: In Pursuit of Social Justice. INTERNATIONAL ORGANIZATION: INDAR JIT RIKHYE: The Sinai Blunder: Withdrawal of United Nations Emergency Force Leading to the Six-day June War 1967.

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