Strengthening the Contractual Framework to Address Collective Action Problems in Sovereign Debt Restructuring

Date: September 2, 2014
Electronic Access: Full Text

Summary:This paper identifies contractual reforms designed to address collective action problems in sovereign debt restructuring. Since any decisions regarding the design of contractual provisions will need to be made by the sovereign issuer and its creditors, it is recognized that the Fund’s primary role will be to facilitate agreement on the design and use of these provisions.

Series : Policy Paper
Subject(s): Sovereign debt | Bonds | Debt restructuring | Collective action clauses