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- W1564674255 abstract "The failure to enact a statutory system to restructure sovereign debt suggests that the international community is still unwilling to adopt a unified global response to insolvency issues. Since nations refused to enact uniform legislation to facilitate more orderly business insolvencies within a sovereign, it is not surprising that recent attempts to create uniform legislation that addresses the insolvency of sovereigns themselves have been unsuccessful. While a comprehensive statutory approach can predictably and efficiently restructure all of a sovereign's debts, the failed experience with uniform cross-border insolvency legislation suggests that sovereigns will not accept an inflexible statutory scheme that contains mandatory, uniform terms. Moreover, any system that requires sovereigns to cede total control of the debt restructuring process to third parties, that transfers sovereign assets or resources to lenders, or that subjects sovereigns to the jurisdiction of a nonsovereign court is not politically viable. This Article argues that a politically viable approach to resolving sovereign debt crises is to develop a flexible statutory framework that encourages sovereigns to activate early restructurings. To give sovereigns such incentives, the IMF should condition future lending on sovereigns' willingness to enact basic mandatory debt restructuring procedures. While sovereigns should be encouraged to enact comprehensive debt restructuring legislation, they should be allowed to customize their debt restructuring procedures by negotiating a private written with their creditors. If the sovereign and its creditors are unable to reach agreement on the protocol before the sovereign activates the mandatory debt Professor of Law, William and Mary Law School. I am grateful for the research assistance provided by Angela Montag and Brian Rosenau and to comments, suggestions, and explanations provided by Richard Brooks and attendees of the Georgetown University Law Center Conference on Sovereign Debt Restructuring: The View from the Legal Academy held on Feb. 26-27, 2004. I thank Professor Mitu Gulati for inviting me to participate in that conference. 998 EMORY LAW JOURNAL [Vol. 53 restructuring provisions (including a brief standstill and stay on enforcement actions), the restructuring initially should be governed by paired prodebtor and procreditor default terms selected by a neutral third-party entity." @default.
- W1564674255 created "2016-06-24" @default.
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- W1564674255 date "2004-01-01" @default.
- W1564674255 modified "2023-09-26" @default.
- W1564674255 title "A Politically Viable Approach to Sovereign Debt Restructuring" @default.
- W1564674255 hasPublicationYear "2004" @default.
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