Barbados 2018 19 Sovereign Debt Restructuring A Sea Change
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Barbados 2018 19 Sovereign Debt Restructuring A Sea Change
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Author : Myrvin Anthony
language : en
Publisher: International Monetary Fund
Release Date : 2020-02-21
Barbados 2018 19 Sovereign Debt Restructuring A Sea Change written by Myrvin Anthony and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-02-21 with Business & Economics categories.
This paper examines the causes, processes, and outcomes of Barbados’ 2018–19 sovereign debt restructuring—its first ever. The restructuring was comprehensive, featuring several rarely used approaches, including the restructuring of treasury bills, and the use of a retrofitted collective action mechanism. The debt restructuring has helped to set Barbados’ public debt on a clear downward trajectory. A sustained reform effort, maintaining high primary surpluses and ambitious structural reforms, will be needed to gradually reduce public debt from about 160 percent of GDP before the restructuring to the country’s 60 percent debt-to-GDP target.
Sovereign Debt Restructuring And The Law
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Author : Sebastian Grund
language : en
Publisher: Taylor & Francis
Release Date : 2022-12-30
Sovereign Debt Restructuring And The Law written by Sebastian Grund and has been published by Taylor & Francis this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-12-30 with Law categories.
The book sheds light on the perhaps most important legal conundrum in the context of sovereign debt restructuring: the holdout creditor problem. Absent an international bankruptcy regime for sovereigns, holdout creditors may delay or even thwart the efficient resolution of sovereign debt crises by leveraging contractual provisions and, in an increasing number of cases, by seeking to enforce a debt claim against the sovereign in courts or international tribunals. Following an introduction to sovereign debt and its restructuring, the book provides the first comprehensive analysis of the holdout creditor problem in the context of the two largest sovereign debt restructuring operations in history: the Argentine restructurings of 2005 and 2010 and the 2012 Greek private sector involvement. By reviewing numerous lawsuits and arbitral proceedings initiated against Argentina and Greece across a dozen different jurisdictions, it distils the organizing principles for ongoing and future cases of sovereign debt restructuring and litigation. It highlights the different approaches judges and arbitrators have adopted when dealing with holdout creditors, ranging from the denial of their contractual right to repayment on human rights grounds to leveraging the international financial infrastructure to coerce governments into meeting holdouts’ demands. To this end, it zooms in on the role the governing law plays in sovereign debt restructurings, revisits the contemporary view on sovereign immunity from suit and enforcement in the international debt context, and examines how creditor rights are balanced with the sovereign’s interest in achieving debt sustainability. Finally, it advances a new genealogy of holdouts, distinguishing between official and private sector holdouts and discussing how the proliferation of new types of uncooperative creditors may affect the sovereign debt architecture going forward. While the book is aimed at practitioners and scholars dealing with sovereign debt and its restructuring, it should also provide the general reader with the understanding of the key legal issues facing countries in debt distress. Moreover, by weaving economic, financial, and political considerations into its analysis of holdout creditor litigation and arbitration, the book also speaks to policymakers without a legal background engaged in the field of international finance and economics.
Covid 19 And Sovereign Debt The Case Of Sadc
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Author : Daniel D. Bradlow
language : en
Publisher: Pretoria University Law Press
Release Date : 2022-02-23
Covid 19 And Sovereign Debt The Case Of Sadc written by Daniel D. Bradlow and has been published by Pretoria University Law Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-02-23 with Law categories.
This multi-disciplinary publication focuses on the issue of African sovereign debt management and renegotiation/ restructuring, with a particular concentration on the countries that are members of the Southern Africa Development Community (SADC). It contains a series of essays that were initially presented in several workshops held at the height of the pandemic, in 2020. These essays seek to both understand the debt challenges facing these countries and to offer some policy-oriented suggestions on how they can more effectively address these. They include contributions by global and regional scholars who are seasoned experts and newer researchers and discuss the complexities on debt management and restructuring within the context of the global COVID-19 pandemic. In particular, this presented an opportunity for junior researchers from the region to contribute to international discussions on a topic in which the views of young Africans are not heard as often or as clearly as they should be, especially given the importance of the topic to Africa and its future. Further, this book is expected to stimulate debate among academics, activists, policy makers and practitioners on how SADC should manage its debt.
The International Law Of Sovereign Debt Dispute Settlement
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Author : Kei Nakajima
language : en
Publisher: Cambridge University Press
Release Date : 2022-09-22
The International Law Of Sovereign Debt Dispute Settlement written by Kei Nakajima and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-09-22 with Law categories.
The first two decades of the twenty-first century witnessed a series of large-scale sovereign defaults and debt restructurings, in which sovereigns struggled to negotiate with recalcitrant bondholders, particularly hedge funds. Also, the outbreak of the COVID-19 pandemic in 2020 heralded a bleak financial outlook for many developing and emerging market countries, requiring sovereign debt restructuring in times of great macroeconomic uncertainty. Given the absence of a multilateral mechanism for sovereign debt restructuring equivalent to domestic corporate bankruptcy system, however, defaulted sovereigns often suffer from holdout litigation wrought by bondholders. This book proposes ways in which such legal actions could be regulated without the undue expense of bondholders' remedies by exploring the mechanism of balancing bondholder protection and respect for sovereign debt restructuring at various stages of litigation and arbitration proceedings.
Restructuring Domestic Sovereign Debt An Analytical Illustration
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Author : Mr. David A. Grigorian
language : en
Publisher: International Monetary Fund
Release Date : 2023-02-03
Restructuring Domestic Sovereign Debt An Analytical Illustration written by Mr. David A. Grigorian and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-02-03 with Business & Economics categories.
Sovereign domestic debt restructurings have become more common in recent years and touched upon a growing share of total public debt. This paper offers a simple framework for policymakers to think about the decision whether to restructure domestic sovereign debt as part of an effort to reduce overall public indebtedness. It also highlights a rather wide range of technical, legal, and operational issues a sovereign may face while restructuring domestic debt. As expected, factors such as debt reduction required to achieve sustainability, fiscal savings from a restructuring, and economic costs of a restructuring are key inputs into the decision making regarding a restructuring, but so are factors such as the composition of debt, financial stability costs, and crisis preparedness, all of which are discussed in the paper.
Reviews Of The Fund S Sovereign Arrears Policies And Perimeter
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Author : International Monetary
language : en
Publisher: International Monetary Fund
Release Date : 2022-05-23
Reviews Of The Fund S Sovereign Arrears Policies And Perimeter written by International Monetary and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-05-23 with Business & Economics categories.
This paper undertakes a comprehensive review of the Fund’s sovereign arrears policies. Staff assesses that the Fund’s Lending into Arrears to Private Creditors (LIA) policy (established in 1989 and last reviewed in 2002) remains broadly appropriate, while recommending some improvements given the experience gained over the last 20 years. Staff also sees merit in codifying the existing practice guiding the Fund in preemptive debt restructurings into a Fund policy, together with an amendment focusing on debt transparency. Given limited experience with the application of the LIOA policy (established in 2015), staff does not propose any amendments but only one restatement confirming current practice. Given recent developments in the international creditor community, staff proposes refining the Fund’s arrears policies with respect to multilateral creditors. Finally, recent developments raise questions about the perimeter between official bilateral and private claims, with significant implications for the Fund’s arrears policies.
Human Rights And Economic Policy Reform
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Author : Aoife Nolan
language : en
Publisher: Routledge
Release Date : 2021-09-22
Human Rights And Economic Policy Reform written by Aoife Nolan and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-09-22 with Political Science categories.
This book deals with the complex and challenging relationship between economic policy and human rights. In the context of the COVID-19 pandemic crisis, the need to address the conceptual and methodological (dis)connects between these two areas is more pressing than ever. Inspired by the 2019 United Nations Guiding Principles on Human Rights Impact Assessments (HRIA) for Economic Reform Policies, this book brings together experts working on human rights and economic policy from a range of disciplinary perspectives, including economics, law, and development studies. The contributions reflect a huge body of professional experience in the academic, policy-making, advocacy, and practitioner fields. They cover issues including the politics of evidence in the context of HRIA, economic inequality, child rights impact assessment of economic reforms, economic policy and women’s human rights, tax regimes for multinational corporations and human rights, as well as the human rights impacts of the economic fall-out of the COVID-19 pandemic. The collection also includes the text of the Guiding Principles themselves. It constitutes a crucial volume for scholars, policymakers, advocates and others working on the burning topic of human rights and economic policy reform. The chapters in this book were originally published as a special issue of The International Journal of Human Rights.
An Innovative Financing For Development Agenda For The Recovery In Latin America And The Caribbean
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Author : Economic Commission for Latin America and the Caribbean
language : en
Publisher:
Release Date : 2021
An Innovative Financing For Development Agenda For The Recovery In Latin America And The Caribbean written by Economic Commission for Latin America and the Caribbean and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021 with categories.
The coronavirus disease (COVID-19) pandemic is the worst global crisis since the Second World War. It has had devastating economic and social effects across the globe, with greater intensity in developing countries, that will likely extend into the medium and long term. Latin America and the Caribbean, one of the most affected regions in the developing world, registered in 2020 the worst economic contraction on record (-6.8%), which has caused a significant increase in the unemployment rate (8.1% and 10.7% in 2019 and 2020, respectively, representing 44 million people) and poverty levels (the number of people living in poverty rose from 185.5 in 2019 to 209 million in 2020). Moreover, the sharp decline in investment (-20% in real terms) will severely hamper future capital accumulation, as well as the ability of the region's economies to generate growth and employment and recover.
Sovereign Debt Restructurings 1950 2010
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Author : Mr.Udaibir S. Das
language : en
Publisher: International Monetary Fund
Release Date : 2012-08-01
Sovereign Debt Restructurings 1950 2010 written by Mr.Udaibir S. Das and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-08-01 with Business & Economics categories.
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.
Covid 19 Et La Dette Souveraine Cas De La Sadc
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Author : Daniel D. Bradlow
language : fr
Publisher: Pretoria University Law Press
Release Date : 2022-01-01
Covid 19 Et La Dette Souveraine Cas De La Sadc written by Daniel D. Bradlow and has been published by Pretoria University Law Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-01-01 with Law categories.
Cette publication pluridisciplinaire se concentre sur la question de la gestion et de la renégociation/restructuration de la dette souveraine Africaine avec une attention particulière pour les pays membres de la Communauté de Développement de l’Afrique Australe (SADC). Ces essais cherchent à la fois à comprendre les défis de la dette auxquels ces pays sont confrontés et à offrir des suggestions orientées vers la politique sur la manière dont ils peuvent y faire face plus efficacement : Ils comprennent des contributions de spécialistes mondiaux et régionaux, experts chevronnés et chercheurs plus récents, et abordent les complexités de la gestion et de la restructuration de la dette dans le contexte de la pandémie mondiale de COVID-19. Il s’agit en particulier d›une opportunité pour les jeunes chercheurs de la région de contribuer aux discussions internationales sur un sujet où les opinions des jeunes Africains ne sont pas entendues aussi souvent ou aussi clairement qu›elles devraient l’être, surtout compte tenu de l’importance du sujet pour l’Afrique et son avenir. En outre, ce livre devrait stimuler le débat entre les universitaires, les militants, les décideurs et les praticiens sur la manière dont la SADC devrait gérer sa dette.