Crisis? What crisis? Orderly workouts for sovereign debtors
Centre for Economic Policy Research, 1995 - Business & Economics - 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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agreed arbitral tribunal Article VIII(2)(b assets bankruptcy codes bankruptcy law banks bargaining bond covenant bond finance Bondholders Council borrowing capital CEPR Chapter 11 claims clause collateral committees context costs country's creditor countries creditor-country governments crises debt contracts debt crisis debt instruments debt relief debt restructuring debt service debtor country debtor in possession debtors and creditors default difficult dissident creditors domestic economic effect Eichengreen enforcement ex-ante ex-ante efficiency ex-post efficiency example financial distress firm foreign funds impose incentive inject interest rate international law investors involved issue jurisdiction lenders lending liquidation loan agreement London Business School London Club markets moral hazard national courts obligations option orderly workout Paris Club parties payments period possible private creditors problems proposals recourse reform renegotiation reorganization repayment rescheduling restructuring package role secured creditors settlement sovereign debt sovereign immunity standstill Torous treaty unilateral United Kingdom writedowns