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Sovereign Debt Restructuring and the IMF

Restructuring countries’ sovereign debt is critical for resolving financial crises in an orderly way.

April 16, 2014
Page: 1 of 212 Next >


2013

IMF Videos - Sovereign Debt Restructuring: Lessons from ...

Description: ... Stay Connected: Return to main video page. Sovereign Debt Restructuring:
Lessons from Recent Experience. October 12, 2013. ...
Date: October 12, 2013
Type: HTML Size: 33 KB

IMF Videos - Sovereign Debt Restructuring: Lessons from ...

Description: ... Return to main video page. Sovereign Debt Restructuring: Lessons from Recent
Experience. October 12, 2013. Categories: Conferences. ...
Date: October 12, 2013
Type: HTML Size: 25 KB

Sovereign Debt Restructuring: Lessons from Recent Experience, 2013 Annual Meetings IMF Seminar, Featuring: FDMD Lipton, Saturday, October 12th, 3:30pm – 4:30pm

Description: IMF Annual Meetings Panel Discussion on Sovereign Debt Restructuring:
Lessons from Recent Experience October 12, 2013, 3:30 pm to 4:30 pm ...
Date: October 04, 2013
Type: PDF Size: 5 KB

IMF Survey : IMF Launches Discussion of Sovereign Debt ...

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
Type: HTML Size: 26 KB

Public Information Notice: IMF Executive Board Discusses ...

Description: Each Public Information Notice contains a background section, a table of selected economic indicators, and an Executive Board assessment.
Date: May 23, 2013
Type: HTML Size: 21 KB

Transcript of the Conference Call with the Press on the ...

Description: ... by recapping the IMF's current legal and policy framework for sovereign debt
restructuring. ... community at this stage for an SDRM-type approach. ...
Date: May 23, 2013
Type: HTML Size: 35 KB

Sovereign Debt Restructuring—Recent Developments and Implications for the Fund's Legal and Policy Framework; IMF Policy Paper; April 26, 2013

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: 360 KB
Note: More information on this title



2007

Structuring and Restructuring Sovereign Debt: The Role of a Bankruptcy Regime; Patrick Bolton and Olivier Jeanne; IMF Working Paper 07/192, August 1, 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: 277 KB
Note: More information on this title



2006

Cross-Country Experience with Restructuring of Sovereign Debt and Restoring Debt Sustainability; August 29, 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: 409 KB
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2004

Intercreditor Distribution in Sovereign Debt Restructuring Prepared by Ousmène Jacques Mandeng September 2004 IMF Working Paper No. 04/183

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: 198 KB
Note: More information on this title



2003

The Restructuring of Sovereign Debt-Assessing the Benefits, Risks, and Feasibility of Aggregating Claims, September 3, 2003

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
Type: PDF Size: 209 KB

The Restructuring of Sovereign Debt-Assessing the Benefits ...

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
Type: HTML Size: 13 KB

Reviewing the Process for Sovereign Debt Restructuring ...

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
Type: HTML Size: 14 KB

Reviewing the Process for Sovereign Debt Restructuring within the Existing Legal Framework, August 2003

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: 255 KB

Report of the Managing Director to the International Monetary ...

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: 35 KB

Public Information Notice: IMF Board Discusses Possible ...

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: 24 KB

Public Information Notice: IMF Board Discusses Economic ...

Description: Each Public Information Notice contains a background section, a table of selected economic indicators, and an Executive Board assessment.
Date: April 02, 2003
Type: HTML Size: 27 KB

Proposed Features of a Sovereign Debt Restructuring ...

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
Type: HTML Size: 12 KB

Proposed Features of a Sovereign Debt Restructuring Mechanism - Prepared by the Legal and Policy Development and Review Departments in consultation with International Capital Markets and Research Departments - February 12, 2003

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: 165 KB

Crisis Resolution in the Context of Sovereign Debt ...

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: 14 KB

Crisis Resolution in the Context of Sovereign Debt Restructuring: A Summary of Considerations -Prepared by Policy Development and Review Department in consultation with other Departments January 28, 2003

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: 205 KB

Crisis Resolution in the Context of Sovereign Debt ...

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: 14 KB

Sovereign Debt Restructuring and the International Financial ...

Description: Given at the XV Regional Seminar on Fiscal Policy, CEPAL (ECLAC), United Nations, Santiago...
Date: January 28, 2003
Type: HTML Size: 34 KB

Sovereign Debt Restructuring Mechanism (SDRM) ...

Description: ... Debt Restructuring IMF Seminars, Conferences, and Workshops, Sovereign
Debt Restructuring Mechanism (SDRM) Conference Washington, DC ...
Date: January 22, 2003
Type: HTML Size: 20 KB

Sovereign Debt Restructuring Mechanism (SDRM) ...

Description: ... Debt Restructuring IMF Seminars, Conferences, and Workshops, Sovereign
Debt Restructuring Mechanism (SDRM) Conference Washington, DC ...
Date: January 22, 2003
Type: HTML Size: 20 KB

Economic Forum -- A New Approach to Sovereign Debt ...

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
Type: HTML Size: 11 KB

Transcript of an IMF Economic Forum: A New Approach to ...

Description: ... Debt Restructuring: An IMF Proposal Panel discussion at the IMF's Sovereign
Debt Restructuring Mechanism (SDRM) Conference Washington DC ...
Date: January 22, 2003
Type: HTML Size: 86 KB

Opening Remarks for the Sovereign Debt Restructuring ...

Description: Given at the Sovereign Debt Restructuring Mechanism Conference, Washington DC...
Date: January 22, 2003
Type: HTML Size: 17 KB

"Sovereign Debt Restructuring: What is the Problem?", by Thomas I. Palley Director, Globalization Reform Project , Open Society Institute. Paper presented at the IMF Sovereign Debt Restructuring Mechanism (SDRM) Conference . January 22, 2003

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: 22 KB

Public Information Notice: IMF Board Discusses Possible ...

Description: Each Public Information Notice contains a background section, a table of selected economic indicators, and an Executive Board assessment.
Date: January 07, 2003
Type: HTML Size: 36 KB

Sovereign Debt Restructuring: Messy or Messier? Remarks by ...

Description: Given at the Annual Meeting of the American Economic Association, Washington, D.C.
Date: January 04, 2003
Type: HTML Size: 29 KB



2002

Management Preface to the Board Paper "The Design of the ...

Description: Strengthening the International Financial Architecture: Sovereign Debt
Restructuring Mechanism (SDRM)—A Factsheet, Management Preface to ...
Date: December 20, 2002
Type: HTML Size: 10 KB

Sovereign Debt Restructuring Mechanism -- One Year Later ...

Description: Presented at the European Commission in Brussels, Belgium...
Date: December 10, 2002
Type: HTML Size: 37 KB

The Design of the Sovereign Debt Restructuring Mechanism ...

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
Type: HTML Size: 12 KB

The Design of the Sovereign Debt Restructuring Mechanism ...

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
Type: HTML Size: 12 KB

The Design of the Sovereign Debt Restructuring Mechanism - Further Considerations , November 27, 2002

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: 467 KB

Sovereign Debt Restructuring Mechanism: One Year Later ...

Description: Presented at the Banco de Mexico's Conference on Macroeconomic Stability, Financial Markets and Economic Development...
Date: November 12, 2002
Type: HTML Size: 33 KB

Sovereign Debt Restructuring: Where Stands the Debate? ...

Description: Given at a conference cosponsored by the CATO Institute and The Economist, New York...
Date: October 17, 2002
Type: HTML Size: 49 KB

Crisis Prevention and Resolution: The Role of Sovereign Debt ...

Description: Given at the American Enterprise Institute Symposium, Washington DC...
Date: October 07, 2002
Type: HTML Size: 21 KB

Public Information Notice: IMF Board Discusses Possible ...

Description: Each Public Information Notice contains a background section, a table of selected economic indicators, and an Executive Board assessment.
Date: September 24, 2002
Type: HTML Size: 25 KB

Statement by the IMF's First Deputy Managing Director on ...

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
Type: HTML Size: 19 KB

Statement by the IMF's First Deputy Managing Director on ...

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
Type: HTML Size: 19 KB

Sovereign Debt Restructuring Mechanism--Further ...

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
Type: HTML Size: 12 KB

Sovereign Debt Restructuring Mechanism--Further ...

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
Type: HTML Size: 12 KB

Sovereign Debt Restructuring Mechanism„Further Considerations - August 14, 2002

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: 201 KB

Preventing and Resolving Financial Crises: The Role of ...

Description: Given at the Latin American Meeting of the Econometric Society, São Paolo...
Date: July 26, 2002
Type: HTML Size: 37 KB

ASEM (Asia-Europe Meeting) Finance Minister's meeting ...

Description: Given at the ASEM Finance Minister's meeting, Copenhagen...
Date: July 06, 2002
Type: HTML Size: 31 KB

Sovereign Debt Restructuring and Dispute Resolution ...

Description: Given at the Bretton Woods Committee Annual Meeting, Washington DC...
Date: June 06, 2002
Type: HTML Size: 29 KB

Sovereign Debt Restructuring and Dispute Resolution ...

Description: Given at the Bretton Woods Committee Annual Meeting, Washington DC...
Date: June 06, 2002
Type: HTML Size: 29 KB

A New Approach to Sovereign Debt Restructuring, April 2002

Description: ... A sovereign debt restructuring mechanism (SDRM) should aim to help preserve
asset values and protect creditors' rights, while paving the way ...
Date: April 30, 2002
Type: PDF Size: 209 KB

A New Approach to Sovereign Debt Restructuring

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
Type: HTML Size: 10 KB

Transcript of a Teleconference on Sovereign Debt ...

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
Type: HTML Size: 38 KB

Public Information Notice: IMF Board Holds Informal Seminar ...

Description: Each Public Information Notice contains a background section, a table of selected economic indicators, and an Executive Board assessment.
Date: April 01, 2002
Type: HTML Size: 23 KB

New Approaches to Sovereign Debt Restructuring: An Update ...

Description: Given at the Conference on Sovereign Debt Workouts: Hopes and Hazards, Institute for International Economics, Washington DC...
Date: April 01, 2002
Type: HTML Size: 43 KB

Statement by the First Deputy Managing Director on Sovereign Debt Restructuring Mechanisms - Executive Board Seminar March 6, 2002

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: 15 KB

The New Approach to Sovereign Debt Restructuring: Setting the Incentives Right - PDP/02/04

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: 100 KB
Note: More information on this title

To make sovereign debt restructuring smoother, not to dictate ...

Description: Published in Le Monde Economie...
Date: February 18, 2002
Type: HTML Size: 17 KB

A SOVEREIGN DEBT RESTRUCTURING MECHANISM - FURTHER REFLECTIONS AND FUTURE WORK February 14, 2002

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
Type: PDF Size: 122 KB

A Contribution to an Online Discussion on Sovereign Debt ...

Description: Moderated by the European Network for Debt and Development...
Date: February 07, 2002
Type: HTML Size: 17 KB

The Evolution of Emerging Market Capital Flows: Why We ...

Description: Given at the Economics Society Dinner, Melbourne, Australia...
Date: January 21, 2002
Type: HTML Size: 30 KB

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