David SkeelIt begins by briefly outlining the core underlying economic and legal problems sovereigns and creditors face in a sovereign debt crisis. It continues with a review of recent proposals to facilitate or regulate sovereign debt renegotiations, in particular the proposal for a statutory approach to sovereign debt restructuring. We do not aim to assess the political feasibility of the proposed institutions for the resolution of sovereign debt crises. Instead, we focus on their likely effectiveness. In addition to defending a sovereign bankruptcy framework we have developed in recent work, we propose a major reorientation of the IMF’s role in sovereign debt crises.
Remarks by Martín Guzmán at 12th Edition of the Paris Forum: Key findings and conclusions of the Jubilee Report
Dear members of the Paris Club Secretariat, Thank you for the invitation to present some of the key findings and conclusions of the Jubilee Report, commissioned by Pope Francis and prepared by a Commission of
Martín Guzmán
Joseph Stiglitz