Crisis? What Crisis? Orderly Workouts for Sovereign DebtorsThe 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. |
Contents
Bankruptcy in theory and practice | 7 |
The evolution of procedures for renegotiating sovereign debts | 19 |
Options for reform | 28 |
Copyright | |
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Crisis? What Crisis? Orderly Workouts for Sovereign Debtors Barry J. Eichengreen,Richard Portes No preview available - 1995 |
Common terms and phrases
agreed arbitral tribunal Article VIII(2)(b assets bankruptcy codes bankruptcy law banks bargaining bond covenants bond finance Bondholders Council borrowing capital CEPR Chapter 11 claims clause collateral committees context Cornelli 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 investors involved issue jurisdiction lenders lending liquidation loan agreement London Business School London Club majority of creditors 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