Toward a Framework for Sovereign Debt Restructuring: What Can Public International Law Contribute?

Toward a Framework for Sovereign Debt Restructuring: What Can Public International Law Contribute?

Description

Chapter 14: analyzes some of the possible elements of an international law approach to a multilateral framework for sovereign debt restructuring. The chapter draws extensively from the deliberations and publications of the UNCTAD Working Group. He proposes the creation of a “counter-framework” using soft-law instruments of a kind generated by various UN processes and institutions, including the International Law Commission (ILC), UNCITRAL, and UNCTAD. The “counter-framework” would offer different norms, fora, legal mechanisms, expertise and analyses to those that dominate the existing informal framework (IMF, Paris Club, US Treasury, financial industry associations, private law firms, creditors’ groups, etc.). It would offer alternatives for borrower-lender relationships and the restructuring of debt, alternatives which if the analysis of this chapter (and the other chapters of this book) is correct, would benefit both sovereign debtors and creditors. This proposal might be of particular interest to states that could be sources of new finance and do not want to keep with the existing informal framework (like perhaps China).

Source Publication

Too Little, Too Late: The Quest to Resolve Sovereign Debt Crises

Source Editors/Authors

Martin Guzman, José Antonio Ocampo, Joseph E. Stiglitz

Publication Date

2016

Toward a Framework for Sovereign Debt Restructuring: What Can Public International Law Contribute?

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