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The Restructuring of Sovereign Debt—Assessing the Benefits, Risks, and Feasibility of Aggregating Claims

Prepared by the Legal Department
(In collaboration with the Policy Development and Review Department and in consultation with the International Capital Markets and Research Departments)
Approved by François Gianviti
September 3, 2003

This paper reflects the views of the IMF's Legal Department. It was discussed at an IMF Executive Board Seminar.

Use the free Adobe Acrobat Reader to view the full text of the 201 kb pdf file.


Executive Summary
I.  Introduction
II.  The Potential Benefits and Risks of Aggregation
  A. The Resolution of Collective Action Problems
  B. Creditor Coordination Issues
  C. The Potential Risks of Aggregation
III.  Designing an Aggregation Framework
  A. Contractual Framework
  B. Establishing a Statutory Framework
IV.  Conclusion



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