Crisis? What Crisis? Orderly Workouts for Sovereign Debtors
Professor of Economics and Political Science Barry Eichengreen, Barry J. Eichengreen, Richard Portes, Richard E. Baldwin, Francesca Cornelli, Christopher Greenwood, Leonardo Felli, Julian Franks, Hugh Mercer, Giovanni Vitale
Centre for Economic Policy Research, 1995 - Political Science - 134 pages
The Mexican Crisis of 1994/5 came as a rude surprise to the international policy-making community. It revealed serious confusion over how markets, governments, and multilateral institutions like the International Monetary Fund should deal with financial crises in heavily-indebted developing economies. It laid bare a remarkable lack of planning for financial crises in today's world of globalized bond and equity markets. This report analyses various approaches to coping better with Mexico-style crises.
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Bankruptcy in theory and practice
The evolution of procedures for renegotiating sovereign debts
Options for reform
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accept action addition agreed agreement allow apply approach approval arbitration assets authority bankruptcy procedure banks bond bondholders borrowing capital Chapter 11 claims clause collateral committees concerned consider context contracts corporate costs court creditors crises crisis debt contracts debtor country default developing difficult discussion domestic economic effect efficiency encourage enforcement ex-ante example exchange existing firm foreign funds future give given immunity important impose improve incentive institutions interest investors involved issue jurisdiction lenders lending less limited liquidation loan London Club majority markets negotiations obligations operations package Paris Club particular parties payments period possible prevent principle problems proposals protection question reason reduce reform reorganization representative rescheduling restructuring role rule secured settlement sovereign debt stay structure tribunal United workouts