DEBT RESTRUCTURING

Better incentives for debtors and creditors to agree on prompt, orderly and predictable restructuring of unsustainable debt are needed. Domestic bankruptcy law serves as a useful model in the insolvency context, but the applicability of the corporate model is limited by the unique characteristics of a sovereign state. Considerable work has been done to identify "best practices" in core areas. Properly adapted, many of the following key features could be incorporated into the design of a sovereign debt restructuring mechanism ("SDRM").

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