Towards a Comprehensive Sovereign Bankruptcy Regime
In this chapter, the editors conclude the book by recognizing that the burden of this book is to demonstrate that an important piece of the international financial architecture is missing and that its absence has been felt in protracted and economically painful workouts from sovereign insolvencies. As the sovereign debt workout processes are political at their core, they tend to benefit the powerful at the expense of the powerless. The editors also emphasize that principles for effective and fair bankruptcy systems for private entities if applied to the sovereign case could better balance the costs and pains of government insolvencies, except that the very nature of sovereignty precludes their direct application. But while there is no global government to enforce any sovereign bankruptcy law, there are various ways that governments can cooperatively formulate and operate a sovereign bankruptcy regime. The concluding chapter of this book suggests two modalities by which such a system might operate.
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