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Sovereign DebtA Guide for Economists and Practitioners$
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S. Ali Abbas, Alex Pienkowski, and Kenneth Rogoff

Print publication date: 2019

Print ISBN-13: 9780198850823

Published to Oxford Scholarship Online: December 2019

DOI: 10.1093/oso/9780198850823.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 24 February 2021

The Restructuring Process

The Restructuring Process

(p.328) 8 The Restructuring Process
Sovereign Debt

Lee Buchheit

Guillaume Chabert

Chanda DeLong

Jeromin Zettelmeyer

Oxford University Press

This chapter goes into depth on the debt restructuring process itself, a topic which has not been covered in the literature in detail before. It gives a step-by-step outline of how restructurings take place, from deciding on the appropriate strategy, to determining which debt should be covered and in what way; to engagement with creditors in the negotiating process. It also covers one of the main structural problems in reaching an agreement with creditors—the collective action problem—and explores ways by which such problems can be overcome with both private creditors (collective action clauses, exit consents) and the official sector (the role of the Paris Club).

Keywords:   Debt default, restructuring, Paris Club, collective action problems, coordination problems

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