Chapter

Taking Stock of Proposals for More Ordered Workouts

Jürgen Kaiser

in Overcoming Developing Country Debt Crises

Published in print February 2010 | ISBN: 9780199578788
Published online May 2010 | e-ISBN: 9780191723049 | DOI: http://dx.doi.org/10.1093/acprof:oso/9780199578788.003.0015

Series: Initiative for Policy Dialogue

Taking Stock of Proposals for More Ordered Workouts

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This chapter compares six proposals of civil society, financial sector, or academic parentage. The five proposals besides the SDRM that are reviewed include: Christoph Paulus's call for an international model law for sovereign bankruptcy that individual governments would adopt to govern how they would treat their creditors in a crisis; Richard Gitlin's call for a Sovereign Debt Forum to develop an agreed set of ‘best practices’ for negotiations and create an institutional capacity to facilitate such negotiations through mediation and informal adjudication; mediation, more generally, as used in other areas of dispute resolution; the Fair and Transparent Arbitration Process comprising independent ad hoc arbitration panels, as proposed by a number of northern NGOs; and the proposal of groups of southern NGOs and academic authors for an international insolvency arbitration court.

Keywords: sovereign debt workouts; international financial institutions; debt sustainability framework

Chapter.  8490 words. 

Subjects: Macroeconomics and Monetary Economics

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