Sovereign Debt Restructuring and the IMF
Restructuring countries’ sovereign debt is critical for resolving financial crises in an orderly way.
2013
Description: The IMF is taking a fresh look at sovereign debt restructuring, with a robust work agenda on this issue in the coming months, said Hugh Bredenkamp, Deputy Director of the IMF’s Policy, Strategy, and Review Department.
Date: May 23, 2013
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Description: Each Public Information Notice contains a background section, a table of selected economic indicators, and an Executive Board assessment.
Date: May 23, 2013
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Description: ... SBA Stand-By Arrangement SDF Sovereign Debt Forum SDRM Sovereign
Debt Restructuring Mechanism SDT Sovereign Debt Tribunal ...
Date: April 26, 2013
Type: pdf Size: 657 KB
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2007
Description: ... JEL Classification Numbers: F3, G3 Keywords: Sovereign debt, Debt
restructuring, Bankruptcy, Sovereign Debt Restructuring Mechanism (SDRM) ...
Date: August 01, 2007
Type: pdf Size: 294 KB
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2006
Description: ... 4 B. The Scope and Outcome of Sovereign Debt Restructuring with the Private
Sector 8 C. Debt Dynamics Around the Time of Restructuring ...
Date: August 29, 2006
Type: pdf Size: 652 KB
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2004
Description: ... debt restructuring has centered on creditor representation with regard to the
Sovereign Debt Restructuring Mechanism (SDRM) and collective ...
Date: September 01, 2004
Type: pdf Size: 316 KB
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2003
Description: At its Spring 2003 meeting, the IMFC concluded that it was not now feasible to establish the Sovereign Debt Restructuring Mechanism (SDRM). It did, though, agree that work should continue on issues raised in discussion of the SDRM that relate more generally to the orderly resolution of financial crises, including aggregation. There is now a growing recognition that a legal framework that aggregates different creditor claims for voting purposes could help the restructuring process. It could be of particular benefit in resolving collective action problems. The challenge is to devise a framework that maximizes the potential benefits while minimizing the risks.
Date: September 03, 2003
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Description: ... At its Spring 2003 meeting, the IMFC concluded that it was not now feasible
to establish the Sovereign Debt Restructuring Mechanism (SDRM). ...
Date: September 03, 2003
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Description: This paper discusses the process for restructuring sovereign debt within the existing legal framework. This is a first step in responding to the IMFC's request for the Fund to continue its analysis of issues that are of general relevance to the orderly resolution of financial crises. Drawing on recent work and experience in debt restructuring cases, the paper focuses on information gaps that inhibit debtor and creditor decision-making, and sequencing and coordination issues. The paper does not attempt to provide a definitive treatment of these issues, but is intended to provide the Executive Board with an overview and an assessment of recent experience.
Date: August 01, 2003
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Description: ... 2/ Under the SDRM, registration was mandatory and was a necessary ... See,
The Design of the Sovereign Debt Restructuring Mechanism—Further ...
Date: August 01, 2003
Type: pdf Size: 222 KB
Description: ... meetings of the IMFC has witnessed a vigorous debate regarding the need
for, and design of, a sovereign debt restructuring mechanism (SDRM). ...
Date: April 08, 2003
Type: html Size: 36 KB
Description: Each Public Information Notice contains a background section, a table of selected economic indicators, and an Executive Board assessment.
Date: April 03, 2003
Type: html Size: 25 KB
Description: Each Public Information Notice contains a background section, a table of selected economic indicators, and an Executive Board assessment.
Date: April 02, 2003
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Description: This paper follows up on the Executive Board's December 2002 discussion of the design of the Sovereign Debt Restructuring Mechanism (SDRM) and seeks to make further progress on the formulation of a concrete proposal for a statutory sovereign debt restructuring mechanism that could be presented to the IMFC in time for its April 2003 meetings.
Date: February 12, 2003
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Description: ... follows up on the Executive Board's December 2002 discussion of the design
of the Sovereign Debt Restructuring Mechanism (SDRM) and seeks ...
Date: February 12, 2003
Type: pdf Size: 249 KB
Description: Given at the XV Regional Seminar on Fiscal Policy, CEPAL (ECLAC), United Nations, Santiago...
Date: January 28, 2003
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Description: This paper discusses a range of economic policy issues that arise when a sovereign debt restructuring is part of the crisis resolution framework. Sovereign debt restructuring will typically take place in very difficult macroeconomic circumstances, requiring a policy response that confronts the widespread disruption that is likely to occur. Efforts to restructure sovereign debt will generally need to be complemented by a wide range of other measures to help a country to emerge from the crisis and to regain sustainability. A successful restructuring will require coordination both with the country's economic program and between a diverse group of domestic and external creditors.
Date: January 28, 2003
Type: html Size: 15 KB
Description: This paper discusses a range of economic policy issues that arise when a sovereign debt restructuring is part of the crisis resolution framework. Sovereign debt restructuring will typically take place in very difficult macroeconomic circumstances, requiring a policy response that confronts the widespread disruption that is likely to occur. Efforts to restructure sovereign debt will generally need to be complemented by a wide range of other measures to help a country to emerge from the crisis and to regain sustainability. A successful restructuring will require coordination both with the country's economic program and between a diverse group of domestic and external creditors.
Date: January 28, 2003
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Description: ... crisis prevention and resolution, and serves as a companion to the staff's recent
paper on the Sovereign Debt Restructuring Mechanism (SDRM).1 ...
Date: January 28, 2003
Type: pdf Size: 380 KB
Description: ... Debt Restructuring IMF Seminars, Conferences, and Workshops, Sovereign
Debt Restructuring Mechanism (SDRM) Conference Washington, DC ...
Date: January 22, 2003
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Description: ... Debt Restructuring IMF Seminars, Conferences, and Workshops, Sovereign
Debt Restructuring Mechanism (SDRM) Conference Washington, DC ...
Date: January 22, 2003
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Description: ... The Sovereign Debt Restructuring Mechanism (SDRM) is a proposal from
the IMF designed to fill a gap in the global financial system for dealing ...
Date: January 22, 2003
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Description: Given at the Sovereign Debt Restructuring Mechanism Conference, Washington DC...
Date: January 22, 2003
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Description: ... Debt Restructuring: An IMF Proposal Panel discussion at the IMF's Sovereign
Debt Restructuring Mechanism (SDRM) Conference Washington DC ...
Date: January 22, 2003
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Description: ... 3 second solution is the IMF's Sovereign Debt Restructuring Mechanism (SDRM)
with a Sovereign Debt Dispute Resolution Forum (SDDRF). ...
Date: January 22, 2003
Type: pdf Size: 70 KB
Description: Given at the IMF Sovereign Debt Restructuring Mechanism (SDRM) Conference, Washington, DC...
Date: January 22, 2003
Type: html Size: 22 KB
Description: Each Public Information Notice contains a background section, a table of selected economic indicators, and an Executive Board assessment.
Date: January 07, 2003
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Description: Given at the Annual Meeting of the American Economic Association, Washington, D.C.
Date: January 04, 2003
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2002
Description: Strengthening the International Financial Architecture: Sovereign Debt
Restructuring Mechanism (SDRM)—A Factsheet, Management Preface to ...
Date: December 20, 2002
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Description: Presented at the European Commission in Brussels, Belgium...
Date: December 10, 2002
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Description: This paper is a first step in responding to the request by the IMFC that the Fund develop, for consideration at the IMFC's meeting in April 2003, a concrete proposal for a statutory sovereign debt restructuring mechanism to be considered by the membership.
Date: November 27, 2002
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Description: This paper is a first step in responding to the request by the IMFC that the Fund develop, for consideration at the IMFC's meeting in April 2003, a concrete proposal for a statutory sovereign debt restructuring mechanism to be considered by the membership.
Date: November 27, 2002
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Description: ... on the assurance that their claims would not be captured in a sovereign debt
restructuring. 73. Although the provisions of the SDRM could contain a ...
Date: November 27, 2002
Type: pdf Size: 459 KB
Description: Presented at the Banco de Mexico's Conference on Macroeconomic Stability, Financial Markets and Economic Development...
Date: November 12, 2002
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Description: Given at a conference cosponsored by the CATO Institute and The Economist, New York...
Date: October 17, 2002
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Description: Given at the American Enterprise Institute Symposium, Washington DC...
Date: October 07, 2002
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Description: Each Public Information Notice contains a background section, a table of selected economic indicators, and an Executive Board assessment.
Date: September 24, 2002
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Description: ... aspects of the two proposals to improve the process of sovereign debt
restructuring. ... we can carry forward the discussion of the SDRM, by focusing ...
Date: September 04, 2002
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Description: ... aspects of the two proposals to improve the process of sovereign debt
restructuring. ... we can carry forward the discussion of the SDRM, by focusing ...
Date: September 04, 2002
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Description: The Fund is considering two approaches for securing a more orderly and transparent framework for sovereign debt restructuring: a contractual approach aimed at promoting the use of contractual provisions to facilitate collective action by creditors holding international sovereign bonds, and a statutory approach, which would enable a sovereign debtor and a super-majority of creditors to reach an agreement binding all creditors across the aggregated debts of the sovereign, paying due regard to the seniority of claims.
Date: August 14, 2002
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Description: The Fund is considering two approaches for securing a more orderly and transparent framework for sovereign debt restructuring: a contractual approach aimed at promoting the use of contractual provisions to facilitate collective action by creditors holding international sovereign bonds, and a statutory approach, which would enable a sovereign debtor and a super-majority of creditors to reach an agreement binding all creditors across the aggregated debts of the sovereign, paying due regard to the seniority of claims.
Date: August 14, 2002
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Description: ... Section II of the paper revisits the rationale for the Sovereign Debt Restructuring
Mechanism (SDRM) and distills a number of its key features.4 ...
Date: August 14, 2002
Type: pdf Size: 644 KB
Description: Given at the Latin American Meeting of the Econometric Society, São Paolo...
Date: July 26, 2002
Type: html Size: 39 KB
Description: Given at the ASEM Finance Minister's meeting, Copenhagen...
Date: July 06, 2002
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Description: Given at the Bretton Woods Committee Annual Meeting, Washington DC...
Date: June 06, 2002
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Description: Given at the Bretton Woods Committee Annual Meeting, Washington DC...
Date: June 06, 2002
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Description: ... A sovereign debt restructuring mechanism (SDRM) should aim to help preserve
asset values and protect creditors' rights, while paving the way ...
Author/Editor: Anne O. Krueger
Date: April 30, 2002
Type: pdf Size: 316 KB
Description: During the past several years there has been extensive discussion inside and outside the IMF on the need to develop a new approach to sovereign debt restructuring. Exploring ways to improve the sovereign debt restructuring process is a key part of the international community's efforts to strengthen the architecture of the global financial system. This pamphlet is intended to draw together the latest state of our thiking in a single publication.
Date: April 16, 2002
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Description: Given at the Conference on Sovereign Debt Workouts: Hopes and Hazards, Institute for International Economics, Washington DC...
Date: April 01, 2002
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Description: Each Public Information Notice contains a background section, a table of selected economic indicators, and an Executive Board assessment.
Date: April 01, 2002
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Description: I believe you all have a copy of the speech I'm giving tonight. What we are trying to do in that speech is to explain how our thinking on sovereign debt restructuring has progressed since I first spoke on the subject last November.
Date: April 01, 2002
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Description: Statement by IMF First Deputy Managing Director, Anne O. Krueger on
Sovereign Debt Restructuring Mechanisms IMF Executive Board Seminar ...
Date: March 06, 2002
Type: pdf Size: 308 KB
Description: ... referred to as the Sovereign Debt Restructuring Mechanism - SDRM),
presented by the First Deputy Managing Director of the ...
Date: March 01, 2002
Type: pdf Size: 1642 KB
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Description: Published in Le Monde Economie...
Date: February 18, 2002
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Description: ... to elaborate on a number of conceptual and operational issues associated
with the Sovereign Debt Restructuring Mechanism (SDRM) that was ...
Date: February 14, 2002
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Description: Moderated by the European Network for Debt and Development...
Date: February 07, 2002
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Description: Given at the Economics Society Dinner, Melbourne, Australia...
Date: January 21, 2002
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2001
Description: Given at the Indian Council for Research on International Economic Relations, Delhi...
Date: December 20, 2001
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Description: Page 1. A New Approach to Sovereign Debt Restructuring: Preliminary
Considerations November 30, 2001 PREAMBLE ...
Date: November 30, 2001
Type: pdf Size: 728 KB
Description: Given at the National Economists' Club Annual Members' Dinner, Washington DC...
Date: November 26, 2001
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