Too Little, Too Late: The Quest to Resolve Sovereign Debt Crises

Hardcover | May 10, 2016

EditorMartin Guzman, José Antonio Ocampo, Joseph E. Stiglitz

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The current approach to resolving sovereign debt crises does not work: sovereign debt restructurings come too late and address too little. Though unresolved debt crises impose enormous costs on societies, many recent restructurings have not been deep enough to provide the conditions for economic recovery (as illustrated by the Greek debt restructuring of 2012). And if the debtor decides not to accept the terms demanded by the creditors, finalizing a restructuring can be slowed by legal challenges (as illustrated by the recent case of Argentina, deemed as "the trial of the century").

A fresh start for distressed debtors is a basic principle of a well-functioning market economy, yet there is no international bankruptcy framework for sovereign debts. While this problem is not new, the United Nations and the global community are now willing to do something about it. Providing guidance for those who intend to take up reform, this book assesses the relative merits of various debt-restructuring proposals, especially in relation to the main deficiencies of the current nonsystem. With contributions by leading academics and practitioners, Too Little, Too Late reflects the overwhelming consensus among specialists on the need to find workable solutions.

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The current approach to resolving sovereign debt crises does not work: sovereign debt restructurings come too late and address too little. Though unresolved debt crises impose enormous costs on societies, many recent restructurings have not been deep enough to provide the conditions for economic recovery (as illustrated by the Greek d...

Martin Guzman is a postdoctoral research fellow at Columbia University and an associate professor at the University of Buenos Aires. He is a cochair of the Columbia IPD Taskforce on Debt Restructuring and Sovereign Bankruptcy and a senior fellow at the Centre for International Governance Innovation.José Antonio Ocampo is a professor a...

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Format:HardcoverDimensions:312 pages, 9 × 6 × 0.98 inPublished:May 10, 2016Publisher:Columbia University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:023117926X

ISBN - 13:9780231179263

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Table of Contents

AcknowledgmentsIntroduction, by Martin Guzman, José Antonio Ocampo, and Joseph E. StiglitzPart I: General Issues of Sovereign Debt Restructuring1. Creating a Framework for Sovereign Debt Restructuring that Works, by Martin Guzman, José Antonio Ocampo, and Joseph E. Stiglitz2. Sovereign Debt of Developing Countries: Overview of Trends and Policy Perspectives, by Marilou Uy and Shichao Zhou3. Private Creditor Power and the Politics of Sovereign Debt Governance, by Skylar Brooks and Domenico LombardiPart II: Two Case Studies: Argentina and Greece4. From the Pari Passu Discussion to the Illegality of Making Payments, by Sergio Chodos5. Greek Debt Denial: A Modest Debt Restructuring Proposal and Why It Was Ignored, by Yanis VaroufakisPart III: Improvements to the Contractual Approach6. Count the Limbs: Designing Robust Aggregation Clauses in Sovereign Bonds, by Anna Gelpern, Ben Heller, and Brad Setser7. Contractual and Voluntary Approaches to Sovereign Debt Restructuring: There Is Still More to Do, by Richard Gitlin and Brett House8. Sovereign Debt Restructuring: A Coasean Perspective, by James A. Haley9. Creditor Committees in Sovereign Debt Restructurings: Understanding the Benefits and Addressing Concerns, by Timothy B. DeSienoPart IV: Proposals for a Multinational Framework for Sovereign Debt Restructuring: Principles, Elements, and Institutionalization10. A Brief History of Sovereign Debt Resolution and a Proposal for a Multilateral Instrument, by José Antonio Ocampo11. Toward a Multilateral Framework for Recovery from Sovereign Insolvency, by Barry Herman12. Making a Legal Framework for Sovereign DebtRestructuring Operational, by Jürgen Kaiser13. Perspectives on a Sovereign Debt Restructuring Framework: Less Is More, by Richard A. Conn Jr.14. Toward a Framework for Sovereign Debt Restructuring: What Can Public International Law Contribute?, by Robert Howse15. Debts, Human Rights, and the Rule of Law: Advocating a Fair and Efficient Sovereign Insolvency Model, by Kunibert RafferContributorsIndex

Editorial Reviews

Addressing the longstanding question of whether it is possible to improve the methods and legal/institutional framework for sovereign debt restructuring, this book answers in the affirmative and provides a number of concrete proposals for how this might be accomplished. With strong analytical chapters from preeminent scholars and practitioners, this book will appeal to academic and policy audiences alike.