Crisis? What Crisis? Orderly Workouts for Sovereign Debtors

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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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