¿ES POSIBLE MEJORAR LA REESTRUCTURACIÓN DE LAS DEUDAS SOBERANAS?

Sovereign debt crises constitute one of the most pressing shortcomings in the current state of financial globalization. The evolution of international sovereign credit markets has made sovereign debt restructuring processes more complex. Unlike in corporate bankruptcies, sovereign debt defaults entail systemic national and global macroeconomic implications. The current contractual approach to sovereign debt restructuring may become increasingly less effective in overcoming problems requiring collective action. However, this is the only viable option at present. Recent proposals from the International Capital Market Association (ICMA) could substantially improve this approach. Although interesting as an idea, the statutory alternative is still not feasible.