The current approach to resolving sovereign debt crises does not work: sovereign debt restructurings come too late and do too little. Though they impose enormous costs on societies, these restructurings are often not deep enough to provide the conditions for economic recovery (as illustrated by the...

Ausführliche Beschreibung

Bibliographische Detailangaben

1. Verfasser:	Guzman, Martin (VerfasserIn)
Format:	Elektronisch E-Book
Sprache:	English
Veröffentlicht:	New York Columbia University Press 2015
Schriftenreihe:	Initiative for Policy Dialogue at Columbia: Challenges in Development and Globalization
Schlagworte:	Debts, Public Währungspolitik Öffentliche Schulden Schuldentilgung
Zusammenfassung:	The current approach to resolving sovereign debt crises does not work: sovereign debt restructurings come too late and do too little. Though they impose enormous costs on societies, these restructurings are often not 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 evidenced in Argentina). 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, the volume reflects the overwhelming consensus among specialists on the need to find workable solutions
Beschreibung:	Description based on publisher supplied metadata and other sources
Beschreibung:	1 online resource (307 pages)
ISBN:	9780231542029