Eurodad member erlassjahr.de, in cooperation with the Friedrich-Ebert Foundation, has launched an updated edition of their report “Resolving Sovereign Debt Crisis. Towards a Fair and Transparent International Insolvency Framework”.
The report that was launched at the 2013 Annual Meetings of IMF and World Bank surveys the history and evolution of sovereign debt management since the 1980s. It outlines the need for reform, based on a thorough analysis of the shortcomings of the current debt management regime. It then maps the most prominent proposals for international insolvency procedures and evaluates them against a set of principles for reforms towards fairer and more sustainable outcomes.
The report shows that proposals for orderly debt workout mechanisms are not new. They have been a permanent feature since the regular jubilee debt relief years in the bible’s old testament, to the theories of the classical economist Adam Smith in the 18th century, to the debates at the Bretton Woods conference in 1944. The report closes by outlining the necessary steps to introduce a fair and transparent debt workout procedure now.
Download the report here
Read the report’s summary here: