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

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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.

Number of Pages: 284
Genre: Business + Money Management
Sub-Genre: Economics / Macroeconomics, Public Finance, Government + Business
Series Title: Initiative for Policy Dialogue at Columbia: Challenges in Development and Globalization
Format: Hardcover
Publisher: Columbia Univ Pr
Language: English
Street Date: May 10, 2016
TCIN: 50780410
UPC: 9780231179263
Item Number (DPCI): 248-11-3287
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