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Intercreditor Equity In Sovereign Debt Restructuring
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Book Synopsis Intercreditor Equity in Sovereign Debt Restructurings by : Astrid Iversen
Download or read book Intercreditor Equity in Sovereign Debt Restructurings written by Astrid Iversen and published by Oxford University Press. This book was released on 2023-02-23 with total page 273 pages. Available in PDF, EPUB and Kindle. Book excerpt: The question of intercreditor equity is one of the most contentious issues in debt restructuring, both historically and today. Intercreditor Equity in Sovereign Debt Restructuring maps and establishes the content of these intercreditor equity rules, and examines how they influence the restructuring process.
Book Synopsis Intercreditor Distribution in Sovereign Debt Restructuring by : Mr.Ousmene Mandeng
Download or read book Intercreditor Distribution in Sovereign Debt Restructuring written by Mr.Ousmene Mandeng and published by INTERNATIONAL MONETARY FUND. This book was released on 2004-09-01 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Intercreditor equity represents one of the main objectives of bankruptcy proceedings. Yet, recent restructurings of sovereign debt suggest that violation of intercreditor equity is common. While existing contractual provisions, and guidelines issued by creditor committees, establish fundamental principles about creditor treatment, they seem to remain too vague to guide debt restructuring processes effectively. The paper focuses on distribution, and argues that lack of clear guidelines for distribution may complicate and delay the resolution process and induce undue uncertainty about the predictability and viability of the restructuring outcome. The paper discusses and proposes parameters which may contribute to establishing explicit principles for the assessment of intercreditor equity in distribution.
Book Synopsis A New Approach to Sovereign Debt Restructuring by : Anne O. Krueger
Download or read book A New Approach to Sovereign Debt Restructuring written by Anne O. Krueger and published by International Monetary Fund. This book was released on 2002-04-16 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: In recent 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 by IMF First Deputy Managing Director Anne O.Krueger draws together the latest IMF thinking on the controversial issue in a single publication.
Book Synopsis Intercreditor Distribution in Sovereign Debt Restructuring by : Ousmène Mandeng
Download or read book Intercreditor Distribution in Sovereign Debt Restructuring written by Ousmène Mandeng and published by . This book was released on 2004 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Inter-creditor Equity in Sovereign Debt Restructuring by :
Download or read book Inter-creditor Equity in Sovereign Debt Restructuring written by and published by . This book was released on 2015 with total page 191 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :International Monetary Fund. Asia and Pacific Dept Publisher :International Monetary Fund ISBN 13 :1498341918 Total Pages :50 pages Book Rating :4.4/5 (983 download)
Book Synopsis Sovereign Debt Restructuring - Recent Developments and Implications for the Fund's Legal and Policy Framework by : International Monetary Fund. Asia and Pacific Dept
Download or read book Sovereign Debt Restructuring - Recent Developments and Implications for the Fund's Legal and Policy Framework written by International Monetary Fund. Asia and Pacific Dept and published by International Monetary Fund. This book was released on 2013-04-26 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: his paper reviews the recent application of the Fund’s policies and practices on sovereign debt restructuring. Specifically, the paper: • recaps in a holistic manner the various policies and practices that underpin the Fund's legal and policy framework for sovereign debt restructuring, including on debt sustainability, market access, financing assurances, arrears, private sector involvement (PSI), official sector involvement (OSI), and the use of legal instruments; • reviews how this framework has been applied in the context of Fund-supported programs and highlights the issues that have emerged in light of recent experience with debt restructuring; and • describes recent initiatives in various fora aimed at promoting orderly sovereign debt restructuring, highlighting differences with the Fund’s existing framework. Based on this stocktaking, the paper identifies issues that could be considered in further depth in follow-up work by staff to assess whether the Fund’s framework for debt restructuring should be adapted: • first, debt restructurings have often been too little and too late, thus failing to re-establish debt sustainability and market access in a durable way. Overcoming these problems likely requires action on several fronts, including (i) increased rigor and transparency of debt sustainability and market access assessments, (ii) exploring ways to prevent the use of Fund resources to simply bail out private creditors, and (iii) measures to alleviate the costs associated with restructurings; • second, while creditor participation has been adequate in recent restructurings, the current contractual, market-based approach to debt restructuring is becoming less potent in overcoming collective action problems, especially in pre-default cases. In response, consideration could be given to making the contractual framework more effective, including through the introduction of more robust aggregation clauses into international sovereign bonds bearing in mind the inter-creditor equity issues that such an approach may raise. The Fund may also consider ways to condition use of its financing more tightly to the resolution of collective action problems; • third, the growing role and changing composition of official lending call for a clearer framework for official sector involvement, especially with regard to non-Paris Club creditors, for which the modality for securing program financing commitments could be tightened; and • fourth, although the collaborative, good-faith approach to resolving external private arrears embedded in the lending into arrears (LIA) policy remains the most promising way to regain market access post-default, a review of the effectiveness of the LIA policy is in order in light of recent experience and the increased complexity of the creditor base. Consideration could also be given to extending the LIA policy to official arrears.
Book Synopsis Sovereign Debt Restructurings 1950-2010 by : Mr.Udaibir S. Das
Download or read book Sovereign Debt Restructurings 1950-2010 written by Mr.Udaibir S. Das and published by International Monetary Fund. This book was released on 2012-08-01 with total page 128 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides a comprehensive survey of pertinent issues on sovereign debt restructurings, based on a newly constructed database. This is the first complete dataset of sovereign restructuring cases, covering the six decades from 1950–2010; it includes 186 debt exchanges with foreign banks and bondholders, and 447 bilateral debt agreements with the Paris Club. We present new stylized facts on the outcome and process of debt restructurings, including on the size of haircuts, creditor participation, and legal aspects. In addition, the paper summarizes the relevant empirical literature, analyzes recent restructuring episodes, and discusses ongoing debates on crisis resolution mechanisms, credit default swaps, and the role of collective action clauses.
Book Synopsis Identifying and Resolving Inter-creditor and Debtor-creditor Equity Issues in Sovereign Debt Restructuring by :
Download or read book Identifying and Resolving Inter-creditor and Debtor-creditor Equity Issues in Sovereign Debt Restructuring written by and published by . This book was released on 2015 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: These include: tighter regulation of sovereign credit default swap (SCDS) contracts; the provision of a greater role for debt reprofiling and bondholder aggregation; Domenico Lombardi is director of the development of common rules and norms for valuing public and private concessions CIGI's Global Economy program, overseeing the research direction of in sovereign debt restructurings; and the establ [...] The purpose, here, is not to analyze the strengths and weaknesses of various approaches or endorse one over another, but rather to focus on a few of the effects of incomplete contracts and the absence of a more comprehensive sovereign bankruptcy regime in terms of inter-creditor and debtor-creditor equity and the related issues of efficiency in sovereign debt restructuring. [...] CIGI was founded in 2001 by Jim Balsillie, then co-CEO of Research In Motion (BlackBerry), and collaborates with and gratefully acknowledges support from a number of strategic partners, in particular the Government of Canada and the Government of Ontario. [...] The Environmental Risk Disclosure Regime: Reforming the Global Architecture of Financial Navigating Complexity in Global Financial Regulation: The G20, the IMF and the FSB Markets CIGI Papers No. [...] ORG/BOOKSTORE Off Balance: The Travails Crisis and Reform: Canada of Institutions That Govern and the International the Global Financial System Financial System Paul Blustein Edited by Rohinton Medhora Paperback: $28.00; and Dane Rowlands eBook: $14.00 Paperback: $32.00; The latest book from eBook: $16.00 award-winning journalist The 28th edition of the and author Paul Blustein Canada Among Nation.
Book Synopsis Staff Guidance Note on Information Sharing in The Context of Sovereign Debt Restructurings by : International Monetary Fund. Legal Dept.
Download or read book Staff Guidance Note on Information Sharing in The Context of Sovereign Debt Restructurings written by International Monetary Fund. Legal Dept. and published by International Monetary Fund. This book was released on 2023-06-23 with total page 15 pages. Available in PDF, EPUB and Kindle. Book excerpt: The guidance note sets out principles governing information sharing in the context of sovereign debt restructurings. It restates the existing Fund governance and policy guidelines for information sharing to help inform and harmonize practices across Fund country teams. In addition to outlining guiding principles applicable to information sharing, it provides guidance on what level of information can be shared during each stage of the restructuring and program design process and in the surveillance context
Book Synopsis Identifying and Resolving Inter-creditor and Debtor-creditor Equity Issues in Sovereign Debt Restructuring by : Skylar Brooks
Download or read book Identifying and Resolving Inter-creditor and Debtor-creditor Equity Issues in Sovereign Debt Restructuring written by Skylar Brooks and published by . This book was released on 2015 with total page 15 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Structuring and Restructuring Sovereign Debt by : Mr.Patrick Bolton
Download or read book Structuring and Restructuring Sovereign Debt written by Mr.Patrick Bolton and published by International Monetary Fund. This book was released on 2007-08-01 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: In an environment characterized by weak contractual enforcement, sovereign lenders can enhance the likelihood of repayment by making their claims more difficult to restructure ex post. We show however, that competition for repayment among lenders may result in a sovereign debt that is excessively difficult to restructure in equilibrium. This inefficiency may be alleviated by a suitably designed bankruptcy regime that facilitates debt restructuring.
Book Synopsis Proposed Features of a Sovereign Debt Restructuring Mechanism by : International Monetary Fund. Legal Dept.
Download or read book Proposed Features of a Sovereign Debt Restructuring Mechanism written by International Monetary Fund. Legal Dept. and published by International Monetary Fund. This book was released on 2003-12-02 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper follows up on the Executive Board’s December 2002 discussion of the design of the Sovereign Debt Restructuring Mechanism and seeks to make further progress on the formulation of a concrete proposal for a statutory sovereign debt restructuring mechanism.
Book Synopsis Sovereign Debt Restructuring and Growth by : Lorenzo Forni
Download or read book Sovereign Debt Restructuring and Growth written by Lorenzo Forni and published by International Monetary Fund. This book was released on 2016-07-22 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies the effect of sovereign debt restructurings with external private creditors on growth during the period 1970-2010. We find that there are bad and good (or not so bad) debt restructurings for growth. While growth generally declines in the aftermath of a sovereign debt restructuring, agreements that allow countries to exit a default spell (final restructurings) are associated with improving growth. The impact can be significant. In general, three years after restructuring, growth is about 5 percent lower compared to countries that did not face restructuring over the same period. The exception is for final restructurings, which result in positive growth in the years immediately after the restructuring. Final restructurings tend to be better for growth because they reduce countries’ debt, with the strongest effect for countries that exit restructurings with relatively low debt levels.
Book Synopsis The IMF's Role in Sovereign Debt Restructurings by :
Download or read book The IMF's Role in Sovereign Debt Restructurings written by and published by . This book was released on 2021 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The global recession caused by the COVID-19 pandemic and the resulting deterioration in many countries' public finances have increased the risk of sovereign debt crises. Although crisis prevention remains paramount, these developments have made it imperative to re-examine the adequacy of the current toolkit for crisis management and resolution, in a context where changes in the creditor base and in the composition of public debt instruments have brought about new challenges in terms of reduced transparency and additional barriers to achieving inter-creditor equity. This report focuses on the international architecture for sovereign debt restructurings (SODRs), as seen through the lenses of the International Monetary Fund (IMF or "the Fund") and with a special attention to the role that the Fund can play in facilitating orderly restructuring processes. It provides a set of findings and recommendations in relation to certain key elements of the Fund's lending framework that have important ramifications on SODR processes, namely debt sustainability assessments (DSAs), the exceptional access policy (EAP) for financing above normal access limits, and the criteria for lending to countries with payments arrears to private creditors (LIA) or official bilateral creditors (LIOA). It also considers other indirect channels through which the Fund can affect SODRs, including its support for enhancing the transparency and public disclosure of sovereign debt information, its collaboration with the Paris Club and the G20 debt-related initiatives, the promotion of contractual standards for sovereign debt, and the monitoring of relevant legislative developments.
Book Synopsis Restructuring Sovereign Debt by : Lex Rieffel
Download or read book Restructuring Sovereign Debt written by Lex Rieffel and published by Rowman & Littlefield. This book was released on 2003-09-05 with total page 357 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Western powers established the International Monetary Fund (IMF) and the World Bank after World War II as "permanent machinery" to anchor the Bretton Woods system. When developing countries began experiencing debt problems in the late 1960s, the Paris Club took shape as "ad hoc machinery" to restructure debt from export credit agencies. A decade later the London Club process emerged to handle workouts of commercial bank debt. Restructuring debt in the form of bonds became an issue in the late 1990s in Argentina and several other nations, and the IMF recently proposed a permanent mechanism to deal with that challenge. Restructuring Sovereign Debt explains why ad hoc machinery would function more effectively in the Bretton Woods system. By describing in detail the origins and operations of the London Club and Paris Club, Lex Rieffel highlights the pragmatism and flexibility associated with ad hoc approaches. He also recalls earlier proposals for creating permanent debt restructuring machinery and the reasons why they were not adopted. Recognizing that the issue of sovereign debt workout is complex, Rieffel has provided a comprehensive and detailed exposition of this important policy issue. Rieffel's book is an important tool for policymakers and the public, particularly as the global community seeks to resolve the debt problems of countries as diverse as Argentina, Iraq, and Côte d'Ivoire.
Book Synopsis Collective Action Clauses and the Restructuring of Sovereign Debt by : Patrick S. Kenadjian
Download or read book Collective Action Clauses and the Restructuring of Sovereign Debt written by Patrick S. Kenadjian and published by Walter de Gruyter. This book was released on 2013-08-01 with total page 280 pages. Available in PDF, EPUB and Kindle. Book excerpt: The volume contains articles based on presentations given at a conference hosted by the Institute for Law and Finance of Goethe University on October 27, 2011. Collective action clauses are an example of the typical dichotomy of financial regulation: While the problems are economic in nature, the solutions need to be implemented by law. The Institute for Law and Finance strives to bring together law and finance in order to foster a better mutual understanding of both disciplines and to improve the regulation of financial markets. Thus, the organizers are particularly pleased that eminent experts from the fields of law and finance agreed to participate in the event and to share their views on and experiences with collective action clauses. The presentations given at the conference have been updated in 2012 to reflect recent developments.
Book Synopsis Intercreditor Equity in Sovereign Debt Restructuring by : Astrid Iversen
Download or read book Intercreditor Equity in Sovereign Debt Restructuring written by Astrid Iversen and published by Oxford University Press. This book was released on 2023-03-07 with total page 273 pages. Available in PDF, EPUB and Kindle. Book excerpt: The question of intercreditor equity is one of the most contentious issues in debt restructuring, both historically and today. Intercreditor Equity in Sovereign Debt Restructuring maps and establishes the content of these intercreditor equity rules, and analyses how they influence the restructuring process. Through this analysis, Astrid Iversen outlines how creditors can predict their legal rights in the unfortunate event of a debt restructuring and strives to improve our understanding of the boundaries within which a debt restructuring offer must be designed. Iversen also seeks to shed light on the functioning of the legal framework governing sovereign debt more broadly. In this book, she examines whether intercreditor equity rules and the legal framework of sovereign debt are compatible with a debtor state's responsibility to ensure monetary and financial stability and to establish sustainable debt burdens. Iversen also explores how certain intercreditor equity rules constitute an obstacle to sustainable debt restructurings and highlights how the number of different intercreditor equity rules that a sovereign debtor state typically is bound by, as well as the scope of these rules, risk tightening the policy space of debtor states to the extent that it is difficult to design and implement a sustainable debt restructuring. Suitable as an introductory text for readers new to the topic of sovereign debt restructurings, and as an instructive guide for debt management offices, creditors, and their lawyers, this publication provides a comprehensive legal study of intercreditor equity rules in sovereign debt restructuring.
