References in periodicals archive ?
My own view is that an international bankruptcy court for sovereign debt would be useful in addressing these problems, and it would be desirable (largely for the reasons advanced by Sachs), but it is not now feasible.
Only the Argentine, Mexican, and Russian crises involved principally sovereign debt, and only the Argentine crisis involved principally sovereign debt issued on international markets; most of the Russian and Mexican sovereign debt was issued under domestic law.
The Krueger approach also fails the second test, for it, too, would not in its current form cover sovereign debt issued under domestic law.
Aside from the difficult issue of external financial sustainability, the central argument of those favoring substantial reform of the sovereign debt workout process is that there is a creditor coordination problem that must be addressed.
RICHARD COOPER EMPHASIZED THAT any new arrangements for dealing with sovereign debt had to include domestically held debt.