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The Sovereign-Debt Crunch

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Add to Bookmarks At their November summit, G20 leaders adopted a new common framework for restructuring sovereign debt on a case-by-case basis. Could this be the first step toward a comprehensive global resolution mechanism, and what intermediate alternatives might be feasible? In this Big Picture, Paola Subacchi of the University of London’s Queen Mary Global Policy Institute says the G20 initiative needs to be expanded into a common sovereign-debt restructuring scheme involving multilateral institutions. Similarly, Columbia University’s Willem H. Buiter and Anne Sibert of Birkbeck, University of London

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At their November summit, G20 leaders adopted a new common framework for restructuring sovereign debt on a case-by-case basis. Could this be the first step toward a comprehensive global resolution mechanism, and what intermediate alternatives might be feasible?

In this Big Picture, Paola Subacchi of the University of London’s Queen Mary Global Policy Institute says the G20 initiative needs to be expanded into a common sovereign-debt restructuring scheme involving multilateral institutions. Similarly, Columbia University’s Willem H. Buiter and Anne Sibert of Birkbeck, University of London advocate the establishment of an independent Sovereign Debt Restructuring Mechanism with the aim of averting prolonged disputes over bond contracts. In the meantime, say Columbia University’s

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