Sovereign bankruptcy: an opinion Jean-Jacques Rey

Anne Krueger deserves more credit than she has received, up to now, for initiating discussions, among officials, on the creation of a sovereign debt restructuring mechanism. Her proposal offers much of the features of bankruptcy proceedings, while falling short of setting up an international bankruptcy court. At the time the G10 report on the resolution of sovereign liquidity crises (sometimes, but inappropriately, dubbed the "Rey report") was written, the scheme involving an international bankr

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